After breaking the channel last week we had some volatility but now I think the bearish trend is clear I think we will see gold following this parallel channel and then move below :) Best of luck
Gold has a large potential movement to go for trend line where rejection seems to be not strong enough and where could be broken with long bar. In my case and because is me, I already sold this commodity because has a nice RRR (risk reward ratio). Have a Good Trading Week Cream Live Trading, Cheers!
Gold is losing time within the triangle consolidation. Breakdown would ignite the drop to the target area within the white rectangle (1230-1193). That area represents the 0.618-1.00 of wave A in wave C.
Look for this short next week Best of luck
USOIL is inversely correlated to DXY. It means: in long-term prices of commodities such as XAUUSD, XAGUSD and USOIL (RED ARROW) will go up as DXY will continue going south. DXY - Elliott waves
Things are not looking too great for the dollar...
XAUUSD (GOLD) has formed a significant bearish engulfing pattern on the daily time frame. Price has now pulled back to allow a very low risk, high reward entry. There is a very strong Bollinger Band squeeze which indicates that high volatility could come soon. Price appeared to make a fake break-out above the triangle. A significant bearish engulfing candlestick,...
Gold - Take profit levels of Triangle breakout
Good Risk/Reward...
I still think Gold has unfinished business on the downside. This sideways / slightly upside movement feels reminiscent of 2016. In 2016 Gold bottomed after its first decline on October 7th, and toped on November 9th. This year it bottomed on October 6th, and the bounce has thus far toped on October 16th. I´m watching price action closely over the next few days...
Simplest way to show it. (Go stockchart for volume tracking since 1990 for viewing the entire volume climb). Since 2011 ( gold 0.32% peak of ≈ 2000usd) big steady increase in volume but price has fallen -30%+ ... Volume wins out in the end long term, no matter the manipulation. You will se the invers correlation with declining volume on growth in almost all high...
Gold pushed higher today and creating a flag (15 min chart) to test the near support at 1279.
Everything mentioned in the chart Best of luck
This chart compares prices of Bitcoin (BTC), Bitcoin Cash (BCH), Gold (XAU) and Silver (XAG).