First of all, this is purely a technical analysis, please read and view it as one!
XAUUSD, by a major part, is on a bear rally. But we have come to a point where gold must decide whether it wants to continue the rally or bounce off. Now there are two scenarios that we can expect:
Scenario 1: Gold breaks the demand zone at 1893-1904! Consider the following events that are likely to happen:
1- There are multiple levels below 1893 that we might hit where we may bounce off to retest 1893-1904 zone - ~1855 (first target area below 1893), 1867 (The long open gap which might fill to bounce the price back to retest demand zone)
2- If we break the demand zone we shall add another TA i.e. inverted head and shoulders, that has a far reaching target between 1800-1811, purely on pattern basis
3- Considering the both trendlines (Primary and Secondary) are already broken, structure already favors the bears so it is quite likely that we might break the demand zone
Scenario 2: Gold bounces off the demand zone 1893-1904, I personally expect the following to happen:
1- We might hit 1932 (Daily TF broken support that is now treated as resisting ceiling for the days to come) again and breaking which we might retest the hypotenuse of the purple descending triangle. If the triangle breaks high, we are officially in a bullish trend!
2- Should we break higher than the triangle, the inverted cup and handle scenario is invalid
Previously we bounced off 1893-1904, we managed to retrace up to 50% (exact) of the move between 2084-1893, breaking lower our fibo based extended targets are 1840 and 1774!
That is all folks! best of luck and happy trading!
Have patience and take extra care of your capital with proper risk management!
This is a long term idea, I will publish a more local level idea soon!
XAUUSD, by a major part, is on a bear rally. But we have come to a point where gold must decide whether it wants to continue the rally or bounce off. Now there are two scenarios that we can expect:
Scenario 1: Gold breaks the demand zone at 1893-1904! Consider the following events that are likely to happen:
1- There are multiple levels below 1893 that we might hit where we may bounce off to retest 1893-1904 zone - ~1855 (first target area below 1893), 1867 (The long open gap which might fill to bounce the price back to retest demand zone)
2- If we break the demand zone we shall add another TA i.e. inverted head and shoulders, that has a far reaching target between 1800-1811, purely on pattern basis
3- Considering the both trendlines (Primary and Secondary) are already broken, structure already favors the bears so it is quite likely that we might break the demand zone
Scenario 2: Gold bounces off the demand zone 1893-1904, I personally expect the following to happen:
1- We might hit 1932 (Daily TF broken support that is now treated as resisting ceiling for the days to come) again and breaking which we might retest the hypotenuse of the purple descending triangle. If the triangle breaks high, we are officially in a bullish trend!
2- Should we break higher than the triangle, the inverted cup and handle scenario is invalid
Previously we bounced off 1893-1904, we managed to retrace up to 50% (exact) of the move between 2084-1893, breaking lower our fibo based extended targets are 1840 and 1774!
That is all folks! best of luck and happy trading!
Have patience and take extra care of your capital with proper risk management!
This is a long term idea, I will publish a more local level idea soon!
Comment:
Look for a rejection red H4 to go short today!
Comment:
Alright folks we need a daily closing below 1885 to have a comfortable selling at this point. Best of luck :-)
Comment:
Alright folks! we failed to break 1885, now we are expecting a pullback and the evidence of this is as follow:
Best of luck folks, enjoy the pullback and look for long entries today onwards.
Our target range is 1930-40
Our target range is 1930-40
Comment:
Alright folks we have hit our correction target between 1930-1940. We shall now look for short entries!
Comment:
we are at a perfect supply guys, a multi confluence of downtrend channel upper border, broken red trendline retest, 50% retrace of the last most prominent big down.
Unless we close today above 45, we are enroute 1800-1857
Should we break higher today, our target should be 1982
Unless we close today above 45, we are enroute 1800-1857
Should we break higher today, our target should be 1982
Comment:
We are good to sell guys! Best of luck and happy trading!
Comment:
Alright folks we have a head and shoulders scenario at the moment, the red trendline marks the neckline of the pattern, wait for a H4 closing below it, that will be your queue to enter short entry. Best of luck and happy trading :-) Target between 1885-90.
Comment:
The head and shoulders neckline from the last update has a broken neckline guys, prepare to sell with the first next rejection H4 you spot!
Best of luck!
Best of luck!
Comment:
I think it is safe to expect 1913! Best of luck
Comment:
Finally the target is hit from last update! There is something else that I have discovered to day, please have a look:
Gold might be heading for a doomsday! please be advised that do not expect this analysis to play out unless the wedge breaks low. Best of luck and happy trading!
Trade closed: target reached:
final target zone hit Alhamdulillah! now I will come up with a new idea if the zone breaks or bounces, stay tuned :-) thanks for following :-)
