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GOLD WEEKLY VIEW COMMENTS NOW
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ECONOMY AT GLANCE-Yellow metal was trading around it's psychological resistance-$1200 from almost two days but finally today it broke above and reached almost $1216, our trailed stop loss for our short-term trade was set at our entry price@1210, so we got nothing from this particular position as this was a risk-free trade. However gold wasn't even able to hold ...
Spinning top appears at the end of sell rally; price appears to be bouncing off 78.6% fib level. Watching for next candle closure for a potential buy opportunity. For now, patience is key; watch.
-XAUUSD showing intraday price rejection (long daily wick) by forming a reversal candle (Pinbar/Spinning top/Indecision) AT SUPPORT
-XAUUSD retesting a previous symmetrical triangle breakout
-Stochastic oversold at support
-Above high of reversal daily candle
-Below low of reversal daily candle
-2 times stop
Risk Management ...
I Ai actually thought i posted this a while back but unfortunately i missed it. anyways, i wxpecting this to go higher and higher. look for pull backs and flags for your entry point
Gold jumped from equilibrium level of daily bullish Orderblock, if the daily candle closes like this, we should expect a clean rally up to 1243.
FED continues on his path of rising interest rates, with stock indexes at all time highs, a money outflow from stocks to fixed income assets like bonds is likely to happen. When stock prices decline significantly, one of the first alternatives investments that investors consider transferring money into is gold.
We are betting on a significant stock market ...
GOLD forming potential bullish bat pattern
Look out for buy signal around the D point
(structure area or fibo 0.886)
SL : Below X point
TP1 : 1218.60
TP2 : 1222
My algorithm just generated a BUY stop signal at 1237.500
Stop loss at: 1229
Feel free to comment or follow!
Looking for price to retrace bearish until 0.66018 ( 0.5 fib level) before potentially opening up for a bullish continuation. Last week we saw price move very bullish until the 0.66856 zone where price found resistance and looks like its gaining momentum ( retracing) before completing the move at the 0.67779 zone.
Do not rush to enter, always wait for price ...
I am still on the long side for XAUUSD.
Price is now consolidating within the teal color zone (1222.5 - 1231.5) . This consolidation should take a while. It will always be better to take the trade on the lower end of the of the consolidation (around 1225).
Your stoploss should be below the extreme end of the lower side denote by the dotted line so as not to get ...
Wait for a decent correction.
The market needs liquidity and might drop to look for more orders.
A good area is illustrated in orange.
Best of luck!
My Update on Gold Long Term and Mid term targets
My algorithm just generated an instant BUY signal at: 1229.3
Stop loss at:1223
Feel free to follow or comment.
Currently A new POI is forming from 1222 - 1228. This zone will act as a consolidation point for further side. If you wish to know more about what is POI. Visit my Patreon page =)
Have a good day!
Keep it simple:
GOLD has broken an important bearish trendline
It should make a retest in search of liquidity
Price should look for a change in direction and head up to higher resistance areas
Trade breakouts of resistance levels after their respective pullbacks
Watch out for wicks near key support and resistance areas
The trend is your friend!
Best of luck