OAKS
Long

short term and long term view with GOLD

FX:XAUUSD   Gold Spot / U.S. Dollar
200 7 11
set a plan to buy..with SL below 1140..
Comment: my plan is loading buy step by step..all SL below 1140.. upside, i am planning to see break the channel up firstly,, but how far it will go, i have no idea now, we have to keep watch price action.... BTW, i am positive on DXY in terms of long term view, this might be negative to gold... but i don't think it conflict with gold bounce recently...

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Comment: buy failed, it already failed into the TR downside, look for short if it puck to the resistance
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Comment: Join in the bear part within the flag, i see it break down at some moment
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Comment: this jump up today could be very import, which means the reversal channel(left) very possible validate afterwards, making it a temporary bottom(1122-1140), and will retrace furthermore in the coming days; whereas, in the big picture (right), it seems that price pull back to the upside trading range and make it a fake break out according to that middle line...we will see how the picture develop in the coming days, retracing further upside looks like more reasonable now

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Hi Oaks, can you tell me where is your resistance level to short? Can not see it in the updated chart, thanks.
Reply
@szey, long term it located around 1145 mate, but when we turn it into small timeframe, it could reach a little higher or just small correction.. as you see i am shorting SPX, and if this SPX crash soon , then the bulls of god could live longer, but it SPX drop gradually or even not drop much ,then the god correction will be very limited below 1140 i think
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@szey,
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, here this big line perhaps looks much clear, actually i was in buy before it break, as the down channel before the support break looks more like an ending diagonal (people could also call it reverse channel), but finally it break down... then technically, int the chart, it falls into the alternative trading range as mentioned above
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@OAKS, The gold could be pull back to around 1152?
Reply
OAKS PRO watsonzou26
@watsonzou26, hard to define how much pull back will be actually mate, seems already break down now... btw, a support with Silver is insight now
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@OAKS, Yup, breaking down was confirmed. Great call!
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Did you buy?
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