Gold isn't quite as bullish as anticipated in terms of momentum, now it's turning bearish. The question is how low will it fall if it breaks below our medium-term trendline, only time will tell.
Happy Trading folks!
Cheers.
4hr - Bullish Hammer Candlestick indicating next candle to be bullish.
1hr - Bullish Hammer Candlestick is also seen, Also, Ascending Triangle also seen.
Price heading towards support/resistance 1849 - 1898
Buy Stop placed at 1838.
Stop Loss at 1825
Take Profit 1 at 1849 and Take Profit 2 at 1898.
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Gold has been respecting the downward channel since it's all time high... for a short term trade or to scale into Gold. With that said, I believe people will be buying more Bitcoin than Gold. Not Financial Advice... CHEERS!
Today we had a bullish close on Gold, however,... based on the weekly chart momentum is slightly bearish. We're anticipating a strong move in either direction. So here's how we anticipate whether to go long or short.
📈Long: Price moves down to 1776.xx (marked on the chart) in the first few hours of the trading session. (setting a low of the day)
📉Short: Price...
Resistance @ 1805 level held pretty nicely, no candle close above it on the daily, even on the 4hr chart. This means if we don't see a retest of that resistance level, then this move lower would be an impulse move for a new low. However, if we get a move back up to 1805, then more than likely we would see Gold heading to the top of the bearish channel. 😎
Happy...
It's a short trade on Gold once it breaks below our trendline. Although the weekly and daily chart is still bullish, a big move is bound to happen - either up or down! But I like it when it falls.
Happy Trading folks!
Cheers.
Risk-off sentiment making a comeback? StoneX cites 'early indications' of gold price turnaround
Risk-off sentiment might be making a comeback in the second quarter, with "early indications" of a price turnaround for gold, according to StoneX.
"After gold's performance in the first quarter of this year, when it posted its first quarterly decline since the...
As can be seen in the graph, Gold seems to form an upside-down Shoulder-Head-Shoulders formation over a very wide time interval. In such a case, if the $ 1670 levels, which it has been recently supported, will form the Right Shoulder, we can see the first target of $ 2180 and then the target will be $ 3000 because of the formation target.
However, as a...
Hi,
A technical analysis about GOLD price... If it will continue to fall or finally can make a breakout?
I think we are going to know it anytime soon.
I'll be on the bullish side if the price manages to break above the key level marked with the gray area (nearly 1750 USD). In that case I think prices will follow a path similar with the green bars pattern shown...
classic A B C correction complete on the weekly chart and right into great support levels. This was off of a weekly wave 5 top back in august last year.
Last week will go down as the low for gold for the year. It is time to LOAD UP.
Here is what to expect on Gold
RECAP: (Previous Analysis)
In our previous analysis the pair was trading at $1702
We expected a reversal at this point to the upside
& cautioned that if the pair broke below this level it would most likely
go back to the $1680 level.
Hopefully the pair did reverse back to the upside, triggering our Buy Stop
@ $1720 & also...
Here is an update on the pair
RECAP:
In our previous analysis gold was trading at $1694
We were bullish on the pair and expected the pair to break above $1710
and test resistance at $1750
The pair did break above $1710 & was limited @ $1720 before a reversal to the $1710 level
The pair triggered our Buy Stop @ $1710 which we banked @ $1720 after the formation...
