Would sure seem that way, this is hard to argue with.
Is gold merely testing the breakout of the previous trend line here or above, touch and bounce off of MA 68?
Here is how it looks to me. I think we are finishing up on a triangle still in the 5 the wave (e). Would not be surprised to see a little more more action as "e" completes to about 22.50 to 22.80. If the triangle breaks down would look for a major drop. Thanks to Chartwatchers for the idea. (hopefully link below) Take care.
I was on vacation out of the country for the last week so I have not been able to update anything. But there really was not much to update. So to cut to the chase, it is my feeling that we are not finished dropping yet for gold. I am expecting gold to drop into oversold on the RSI 14 and also drop below the march low before having a legitimate bounce. So lets...
XAUUSD is forming an inverted head and shoulder pattern. Buy the breakout. Cheers!
Gold is ready for another leg down to $1200. Only close above $1228 level proven differently.
Gold broke out of the pink somewhat diamond to reach near the bottom of the hourly channel. Then broke thru the 1215 prior low. Areas I'm watching for possible retest are: 1215 - Previous low we broke 1220 - .618 of Friday's drop Then expecting a continuation towards 1195 at next major resistance/support and bottom of channel followed by a correction before...
All is on chart and is reference for hourly trade here:
I know I have been reading a lot about the big move in gold. And everyone has been biased bullish except for a few. I am more beaish today than I was last week. The time for the big move is next week in my opinion. I hate having to wait like this but the markets are on their own schedule. So the reason that I am into the bear camp, aside from the fact that we...
Area I'm watching this week while we have a busy week (in terms of fundamentals I won't go into as I try to stick with TA/PA) for possible targets.
I know most people are leaning bearish on gold, and for good reason.But I'm not convinced yet. It will be interesting to see if the price gets wedged over heavy resistance by the uptrend line, or fall through. Whichever way it goes there should be some good momentum and trading opportunities.
XAUUSD is forming a falling broadening wedge awaiting breakout. Cheers!
Miners have started their fall into a ICL. This should complete the Shark pattern and move down into the $21 area. I would expect a blast lower than the May low to complete the failed DC.
Big picture view while trying to trade longer term.
It might be time to go bullish on gold ETFs. The pattrern is clear and if the stock doesn't break below the 0.786 fibonacci level ( from X to A), the odds of a bullish rally are in our favor. It might not buy today because we are friday, but i will definetly look into it monday morning.
If 1272 holds and gold climbs, I'll be watching 1307 area for possible reversal. If so, targets are marked. Good luck.
I am shorting gold here with JDST and DUST. I believe the move higher three days ago over the long term green trend line was a false breakout. It brought the longs in miners back into the market. I expect the trajectory of the overlaid gold candles to come in play. GOLD formed a double top pattern, which usually means a reversal. TSI and %R are overbought and due...