justatrader
Short

Gold - Long term short position (Monthly Charts)

FX:XAUUSD   Gold/U.S. Dollar
648 5 12
Break of a major multi year trend line with price action now heading to test the break out level near 1240 - 1250 levels.
RSI divergence points to a decline with T1, T2 being potential areas of bounce (book partial profits here).
T3 - Divergence target at 725.
Bearish pennant formation near trend line.
Could take a year or maybe into 2016 for targets to be completed.
-----------------------------------------------
Trade Plan:
Switch to Weekly charts for possible bearish candlestick patterns near 1240-1250 levels with 3 positions, targeting T1, T2 and T3 respectively.
Stops near 1388 - 1440.

Alternate view:
Based on the bullish divergence of higher low of RSI , if price breaks above 1240/1250, it is sure to retest this level for support (making it a sound plan to exit shorts on the bounce.
Professional market analyst with a keen interest on futures. Love keeping an eye on the markets. Currencies, bonds, commodities. Combining technical analysis and the fundamentals. Contact me for more details.
dmespolet
2 years ago
Interesting long-term perspective. Thank you.
Reply
jangseohee dmespolet
2 years ago
very soon we will know whether there is support at purple war zone
Reply
jangseohee
2 years ago
snapshot
Reply
IvanLabrie TOP jangseohee
2 years ago
Nice, I think gold might surprise many people soon...
+1 Reply
justatrader PRO IvanLabrie
2 years ago
Indeed!! Or rather the US Dollar might in fact.
Reply
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener 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 Billing Sign Out