Same as EURUSD we have a neutral bias here ,where price is holdin and respecting the 1275 Monthly PRZ so what could happen here is if price keep respecting this level we might see a daily pullback to the 1282 area or if it manage to close below it we might see a a drop to the 1265 with a possibility of reaching the 1240 area
COMBINATION OF FIB TIME & PRICE RETRACEMENT SAYS THAT WE COULD WISH TO PROBABILITY FOR GOLD SUPPORT TO THAT CLUSTER ON AUGUST AND SHORT TERM BULLISH ON IT THEN WE CHECK AGAIN.
SO NEXT WEEK WITH GOOD ENOUGH TRIGGER BUY WON'T BAD.
The picture is very clear as we can see that gold has completed a cycle of 5 wave and now is forming the zig zag correction A-B-C(5-3-5). Although the perfect opportunity to sell has been finished but look out for bigger pullbacks to enter short term position in gold
It's Good Friday and most major banks are closed for trading including London and Germany.
Since there won't be much volatility, the market has been making retracement throughout both Asia and Euro session.
So I just wanna revisit the last 2 pairs which are by far proceeding as per plan.
Gold: Retracement towards 1284 - 1287 supply zone to sell.
After a bearish breakout of a major support level
bears are exhausted and the market starts a correction cycle.
Head and shoulders pattern is a clear indication of bears unwillingness to go lower,
so we can catch a pullback.
Buy the breakout of a neckline.
Targets based strictly on structure.
Find more analysis on gold in...
Gold has been declining since mid February and the 1,346.79 High. If this pull back has been purely technical then the important test on the 1W chart has arrived as the price is on the Higher Low region.
What is more interesting is that last time Gold tested a weekly Higher Low on a similar pattern was in December 2017 and the rebound was so strong that gave way...
DUST looks ready to fly. Wouldn't be surprised if there is a small, short-term pull back, but I also wouldn't be surprised if DUST just starts shooting straight up. All depends on how quickly GOLD falls to 1220.
Gold Spot / U.S. DollarFOREXCOM:XAUUSD
Gold has been declining since mid February and the 1,346.79 High. On the off chance that this draw back has been simply specialized, at that point the essential test on the 1W outline has landed as the cost is on the Higher Low locale.
Is all the more fascinating that last time Gold tried a week by week Higher Low on a...
Yearly open resistance stands at 1280 backed by the 38.2% retracement, a rally surpassing this zone would shift the focus towards subsequent objectives at the weekly opening-range high at 1292 & the 61.8% retracement at 1296. Support rests with the lower parallel, currently around ~1268 backed by the 100% extension at 1258 and the 50% retracement at 1253 – both...
The bottom in the precious metals has been forming since early 2016. As you can see from the chart of the ETF for the gold miners, GDX, it had a quick rally that year and then went into another sideways pattern until January 2019. Now the chart appears to be getting ready for a stronger up-move.
You can see that a long, bullish potential inverse “head and...