Oil prices rose around 1% to move further away from five-
month lows hit earlier in the week, buoyed by a report
that Washington could postpone trade tariffs on Mexico and
signs OPEC and other producers may extend crude supply
We like the odds of a bounce from 53.00 towards the short-term
resistance in the 54.20s.
In Monday's idea for Gold we pointed out, that by " reconquering 1,310 USD into the start of the week, further gains up to 1,325 USD are to be expected. Still, we only see this level as a potential stop-over up to the current yearly highs of around 1,347 USD."
And in fact, the yellow metal went to 1,325 USD already on Monday with further gains up to 1,337 USD...
gold finally reached 1340 structure resistance level.
the market is very overbought and rsi shows clear divergence.
+ we have a completed head and shoulders pattern with confirmed breakout of a neckline.
T1 - 1332
T2 - 1313
1-The uncertainty regarding the U.S-China trade war is still maintained in the market place. The U.S-China finalizing deal has been the center of attention for the market participants from months however the ongoing indecision and uncertainty regarding the matter has been very confusing for traders and investors.
2-The cold war gets escalated after the U.S...
Gold shot up to 1344, almost touched yearly high but found sellers there and started to retrace. Please take a look at the 3-hour chart.
Firstly, price went down from 1344 to 1327 (Wave A) and found support there. Secondly, price went up from 1327 to 1339 (Wave B) but quickly got sold to current price at 1333. Usually, a correction would be in a zigzag that is...
Seems to me that Gold has completed my prediction of head and shoulders, even in a slightly different angle. Considering the fact that is heavily overbought I am thinking that it's going to drop in the next couple of days, will confirm my signal after the news tomorrow.
In the 4h chart (right) we see how the price is using the moving average as a support all this week but remember tomorrow is non-farm payroll day so is expected a lot of volatility. So the price can fall very quickly looking for $1328.28 or even $1324.50 wich are excellent prices for a buy entry with a good risk reward ratio. The targets are: $1346.50 and even...
KEEP IT IN MIND WE ARE LONG TERM ON THIS SO GOOD MANAGEMENT AND RISK REWARD AS ALWAYS
VERY UNLIKELY: BUT JUST INCASE WE DROP FURTHER ON THIS TRADE:
ADJUST YOUR SL 100PIPS BELOW
INCREASE YOUR LOT SIZE
ENTER MORE BUY POSITIONS
WE FLY TO THE MOON
DRILL TIME IS OVER: LET THE CRUDE START PUMPING