Gold Technical Analysis: Technical Thriller!

FX:XAUUSD   Gold / U.S. Dollar
3195 9 31
Gold             Technical Analysis:

looks pretty interesting, exciting and at a major trade-able juncture.

1)The price of gold             has been moving in a sideways bias for the few months, that sideways movement is taking the shape of an inverted head and shoulders bottoming pattern.
2) Gold             has tentatively broken a long term descending trend line , i say tentatively cause the trend line is major in terms of old, and thus i prefer to see further stability with at least a monthly closing above it to confirm a trend line break .
3) A multiple bullish divergence on RSI
$) The price is approaching the major horizontal resistance at 1250.00

So whats next: I think there are two ways to trade this level
1) Wait for a confirmation over the daily chart to short 1250 resistance for 1200.00 and 1170.00 levels.
2) Be patient and wait for a weekly closing above 1250, then long for an upside reversal, targets at 1350.00

Guys, please check my new website , vote and subscribe , thank you...

come join me at
Google             Plus :
My best regards,
My trading ideas channel

Get your gift :

Skype: Technician - The forex channel
Good strategy for Gold. Also good to keep an eye on the dollar index as Gold many time goes the opposite direction of the USD.
Hey Technician, really strong analysis for gold. Thanks for sharing!!
Technician TOP moneymaking
Many Thanks friend
-1 Reply
1250 was my level to short. TV's alert beeped quite a few times today. But given the markets, i'd stay out for a while. If tomorrow continues to push higher, we could see a second week of gains. A test of 1250 for support could see some nice rally, if the inv.. H&S does validate.
Technician TOP justatrader
Yes, could choice, I am waiting for a close above 1250 this week, if happens i will long next week
Breakout scenario materialized, looking to long next week
tompower Technician
I'm not in it but what kind of pull back would you expect I don't want to get long now we have run too high.
I will long somewhere near the 200-days SMA,
Technician TOP Technician
Hopefully i will get a clear confirmation, i will try to post it at tradingview if i take it
United States
United Kingdom
Home Stock Screener Forex Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Account and Billing Sign Out