I can also see cup and handle on a Monthly chart which is why I wouldn't trade Gold either way at the moment. It's above Weekly SMA40 and I wouldn't short it for sure as long as that it the case. It's still holding VWAP from ATH as well. Reason why I publish this idea is to be able to follow the price nothing more, it is not an investment advice of any kind, I'm a...
The cup and handle is a fairly reliable trading pattern, especially when we see it continue here on the long term time frames. Gold has been building this position for quite some time. For those that are huge fans of this stable asset, the massive amount of money printing that can be seen coming from the FED is a shot in the dark for those who like to hold...
PMGOLD Daily- Gold ETF also forming a Symmetrical triangle. Sometimes, the Gold ETFs form in advance a hint of technical insight ahead of the main underlying commodity- not this time!
Gold held above the 50% Fib level and horizontal support line, as expected in the previous gold chart, and saw its best daily gain today since March 2009 when the Federal Reserve expanded Quantitative Easing 1 during the global financial crisis. Price rallied +4.12% today from an opening price of $1,505 and closed at $1,567 on today's Federal Reserve announcement...
Friday saw the price of gold close at $1,484, down -14% from the recent high of $1,704 made earlier in March. Price has fallen below the 38.2% Fibonacci retracement level and is currently testing horizontal support at $1,450, which stems from a price peak made in July 2019 and then tested and held as support in November 2019. This recent test of horizontal...
Gold in AUD (daily chart)- Ascending broadening wedge (yellow lines). According to Bulkowski's chart pattern research- 81% probability of a bullish eventual breakout. thepatternsite.com
Gold looks like its ready to breakout. Nice bounce off support. Long over 1461.30, hourly candle close would be confirmation. Lining up with /ES falling out of channel and breaking support.
The grey shad is the first 2/3rd of the triangle (point of average breakout). Upward breakout has a 60%, downwards 40% according Bulkowski's research.
Daily Formations allow for bigger moves. I'm interested in shorting on this backtest. Also, my interpretation of what might happen. 90% chance it won't follow the path correctly, but I like to let the mind wander.
Clearly we are oversold thanks to that big red day, however we could have some more downwards movement IF there is not significant factor bringing in buyers to gold. Hopefully alot of people took the day off friday and that indian holiday left alot of swiss cheese holes in the market. Technical Stuff: Fib retracement shows our first target of 1199.8 .. I would...