Gold has just entered today the 1,355 - 1,365 1M Resistance Zone with 1D highly overbought (RSI = 77.219) due to June's aggressive bullish run. The price is undoubtedly inflated due to the recent geopolitical tensions (U.S. - Iran) and the correlation with DXY has been broken. As soon as tensions ease, those dynamics will normalize and Gold should start moving...
Gold continues to be well supported on dips with solid
demand from medium and longer-term accounts.
These players are more concerned about exhausted monetary
policy, extended global equities, political uncertainty,
systemic risk and trade war threats.
Breakout in play!
Not sure if we have broken out of a C&H or just a bull flag. Hence both targets. MACD and RSI look like setting up short signals in the coming weeks.
Not financial advice. I’m not a financial advisor. I’m learning to trade. Learn to trade.
After a trade war fueled spike, Gold has almost reached the 4H Resistance (RSI = 60.740, MACD = -1.040) which has rejected the price on 4 previous occasions. Based on the 1D Lower High trend line, the upside should be limited (RSI = 51.087, MACD = -2.250, STOCH = 24.630) unless the trade was escalates and more stock capital seeks refuge on Gold's safe haven, but...
...but it may NOT be.
IMHO these formation cannot be found at the end of a bull run.
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Please note that I...
wait to market decision
1. Retest and go to 1300+ with Bullsih Trend
2. False Breakout and dip to new Low
It hard to know .Market will tell us soon
I just buy and prepare to loss if it back under trend line and and follow sell
I think this is worth taking a look at. Bitcoin is a faster moving market than gold. Probally someone already published something similar but i haven't seen any.
Note the incredible similarity between history of gold from 1979-2004 and the last bubble of BTC early 2018. We almost had the same % correction than gold and it keep following the fractal. I believe...
Since its April 23th bottom and May 2nd Double bottom on 4H, Gold has been rising steadily having broken two important bearish barriers. First it broke the first Lower High sequence (dotted line) which since its February High hasn't done so. Today it broke the 4H Resistance on strong technicals (RSI = 62.449, MACD = 1.760, Highs/Lows = 2.4022) as well as the 2nd...