Gold has been making some little upward move but the general trend is still the same and nothing has changed. If you compare the highest price with the oversold level of STOCH in the past 6 month, you will clearly see that Oversold level was at 1390 and it is now at 1325. Having said that GOld will rise for sure but not a macro economic environment where there...
Market found support at 1280 and bounced up. Bearish cypher pattern is in progress to completion. Potential D completion point coincides with resistance zone drawn from daily chart around 1315. This area also coincides between 50% and 61.8% retracement of the recent downswing. Will be looking to short when price action permits.
IDEA IS BASED ON A COMBINATION OF: ELLIOT WAVE THEORY, MEDIAN LINE ANALYSIS AND APPLICATION OF FIBONACCI NUMBERS. THE RATIONALE BEHIND THIS TECHNICAL ANALYSIS IS SHOW ON THE CHART. SPECIFIC TARGETS ARE GIVEN. IF YOU COPY MY SETUP PLEASE DO SO AT YOUR OWN RISK. GOOD LUCK GUYS.
No suprise that the price couldn't hold above 1330 even though there was a little break of the resistance. But it is a tough resistance level, and yet not a solid support level. You really need to climb high in order to come down at 1330 before going to a second move up, but yet the precious metal is not even trading in a channel. To see the price raising, you...
This is the big picture of XAUUSD based on a monthly chart and Ichimoku indicators. There isn't yet any sign of a reversal trend on the upside. TO the contrary three of the 4 basic Ichimoku signal are confirming the downside move. The bottom of the Kumo Cloud is behaving as a resistance level. Based on Indicators such as Stoch, there might be a little room on...
After touching the 1280 level which held its line and dropped back into the lower part of the neutral zone which I descriped last weekend. After that today it broke the 1269 key resistance and confirmed the downtrend which was awaited after the 2-Week uptrend got its full correction in the past two weeks. Now it will continue to fall with outlook to annual lows.
Nothing new on the side of gold. In my previous analysis I have underlined many times that there was a room for an upside until 1280, we may revise it to 1303 ultimately but the overall move of gold is still on the donwside towards 1180.
The 3 years long uptrend from 2009 to 2012 and the break of that trend shows us some pretty outlook for the validity of the downtrend for the future.
As I have said many time, as this can been read in my previous charts and analysis, Gold is moving toward 1180. At the present moment, the GOLD is at an oversold situation. Therefore, it may face a little correction up TOWARD 1280 and baring in mind the quantitative aspect of market playet, it may try to hit 1295+ but not further. Therefore for STUNT trader,...