The great 6-years-long Head & Should pattern might be confirmed soon enough once the price comfortably breaks 1370$, launching Gold to another bullish trend.
The reverse bearish case would be confirmed if the bottom trend line is broken.
(Would be fun to see how it looks like next year)
Hi there. Price formed a continuation pattern to continue with the down move. You can sell on strong breakout or go to a lower time frame and wait for the price to form a continuation and then watch strong price action for sell.
August 2016 was the last time Gold found its way higher than this zone, so we are expecting resistance once again and possibly another big sell off.
Start thinking like the big traders.. because this is where they have obviously set sell orders before so what makes you think they haven't this time? if they have we will have a large movement very soon.... Then we...
Traders and investors, who follow the markets closely, will have a unique chance in today's chart analysis and market commentary. To continue the rest of the story see 'Market Commentary June 15, 2019' page, at TradingSig_dot_com.
BIG PICTURE view on GOLD. Completion of Wave 4 (YELLOW). Heading down for Wave 5
Share your thoughts and observation in comments session :)
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Supplied information is not advice....
0.98600 bottom level attempted to be broken after a sharp bear trend. Prices settled on a support zone and were subjected to a bull pressure. Odds of a bull trend continuation are high.
Possible targets : @1.0100 (+100pips) as the strong institutional level 1.0000 was already tested.
Advice : Stay bullish and buy at any low point while we don't break the support...
Shorted gold today, decided to hold over the weekend. Looks like it broke one trendline, but there's another one underneath that I didn't see until now. Hopefully that breaks Sunday night.
4 hour indicators seem to work with gold, definitely overbought intraday. Looks like a reversal on the daily and weekly charts, and a double top.
Gold is tricky to trade...
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...
Price is approaching its 1st resistance (horizontal swing high resistance) where it is expected to reverse down to its support (Horizontal overlap support,38.2% Fibonacci retracement, 100% Fibonacci extension).
Stochastic (89, 5, 3) is approaching its resistance where a corresponding reversal is expected
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Gold has entered its 5 year Resistance Zone (1350 - 1365). This alone is an immediate sell signal. What's even more interesting though (and a stronger reason to go short on Gold) is the cycle that the metal tends to seasonally follow every 1.5 years.
The chart speaks by itself. I have distinguished two time periods: 2017/18 and 2019/20. Every time the price...
Our green zone is a lovely turning point for gold, we have had a lovely bearish run that will come to an end around our zone, we can see that price has just slowed down the last couple of days with smaller candles, this also indicates a slow down in sellers with buyers ready to take over.
We are waiting for a good entry before we let you all know, so get ready...