Gold is taking us for a ride today LOL. We defiantly should be in a buy cycle. I had to pull up the charts and go old school.
Time is more important than Price. Gold bottomed in sync with a 144 solar degree count on June 25th, at 3955. Because "TIME" is so important here, I'm saying that the support at 3955 is likely to hold on a retest. I believe that 3955 was the low, or close to it.
What do we need to get excited about a gold rally?" We need a close above resistance at 4210 on XAUUSD.
If the time is right for a low, you then look around to see what is offering support. PRICE is only important AFTER you know that the cycles are calling for a low. "Does it work every time?"--NO! But it works most of the time. The risk as I see it is that gold will rebound soon. It may retest the support at 3955 before it rebounds, but if you see that happen, that is a "buy signal." Another positive bounce off 3955 will mean that Smart Money is buying every dip. With rising oil prices, gold is coming under pressure because it makes a Fed rate hike more likely. June CPI was due out today at 8:30 am EST.
If it came in lower than expected, gold could rally. If it comes in hot, watch for a retest of that support at 3955. If XAUUSD bounces off support at 3955, buy it. These are just my thoughts nothing is guaranteed apply proper risk management when trading in the market. If you think this peaked your attention please like and follow for more tips!!
Time is more important than Price. Gold bottomed in sync with a 144 solar degree count on June 25th, at 3955. Because "TIME" is so important here, I'm saying that the support at 3955 is likely to hold on a retest. I believe that 3955 was the low, or close to it.
What do we need to get excited about a gold rally?" We need a close above resistance at 4210 on XAUUSD.
If the time is right for a low, you then look around to see what is offering support. PRICE is only important AFTER you know that the cycles are calling for a low. "Does it work every time?"--NO! But it works most of the time. The risk as I see it is that gold will rebound soon. It may retest the support at 3955 before it rebounds, but if you see that happen, that is a "buy signal." Another positive bounce off 3955 will mean that Smart Money is buying every dip. With rising oil prices, gold is coming under pressure because it makes a Fed rate hike more likely. June CPI was due out today at 8:30 am EST.
If it came in lower than expected, gold could rally. If it comes in hot, watch for a retest of that support at 3955. If XAUUSD bounces off support at 3955, buy it. These are just my thoughts nothing is guaranteed apply proper risk management when trading in the market. If you think this peaked your attention please like and follow for more tips!!
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.