Long GOLD at 1.170 BIG Opportunity EW-Analysis
Undoubtedly is that with the election caused the boom of the red metal (also used in construction) although this still not applied any of its promises, its effect can already be felt in the quotations
Recently, the EURAUD held a huge level at 1.41 putting in a pin bar. We are also currently diverging on the daily time frame and holding this recent downtrend channel. We also just completed a C leg of a potential bat pattern that completes around 1.478, where we have a trendline and also the 200 ema. The AUDUSD is clearing out multiple levels of support and we...
The gold/copper ratio has completed a 50% retracement of its uptrend after breaking the up-trend line...
Around 50% retracement from 2.73, and Kijun support on 4H chart. Let's buy and keep on waiting.
Long Gold Bottomed Out now Retest of previous Support
Entry Price : 2.530 Target : 2.420 SL : Move to breakeven when it goes down.
Copper has consolidated for about 6 years and broken out from its consolidation. Trump has promised billions to be spent on infrastructure developments. Developing economies like India is also heavily investing in infrastructure these days. Wait for backtest of consolidation before entering. There is huge upside potential here.
The NZDUSD just broke thru the 2016 trendline/0.71 support. Looking across the board metals have alslo been selling off with more room to go. Based on the fib extension we should see a move to 0.69 then 0.675 as the next target.
Well, just exit and wait break though or continues of downtrend :)
Copper: The short answer is no... at least not yet! The current bear market is not over yet.However it seems like copper is entering a horizontal consolidation phase(or bull flag).Needs to react at least temporarily at 2.52. If not then the bear trend is still there.
Hey guys, this is my view about copper, I will wait for a pul back and price deceleration before entering long. Depending on how price will behave around 2.4500 I will decide if entering straight away or, should it break 2.45000, I will wait for it to pullback to 2.28500. As always, wish you good luck!
The market has soared in last three weeks and the price has entered a very important zone. The 0.618 retracement of previous decline is at 2.56 level and 1.618EXT of previous rise is also at the same level. Meanwhile a previous structure also works at this zone. So it is good to sell short at 2.56-2.63 levels when bearish candles appear. SL:above...
Copper is in a big down move It has finished a 3 wave correction on wave 4 There is a very good chance that the next and last down move is starting right now. Therefore, looking for sells in the lower time frames seems like a good idea. Good luck with your trading.