Gold Technical Analysis: Technical Thriller!

FX:XAUUSD   Gold Spot / U.S. Dollar
3199 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

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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 Technician
Hopefully i will get a clear confirmation, i will try to post it at tradingview if i take it
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 justatrader
Yes, could choice, I am waiting for a close above 1250 this week, if happens i will long next week
Hey Technician, really strong analysis for gold. Thanks for sharing!!
Technician moneymaking
Many Thanks friend
-1 Reply
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.
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