description of why i entered this trade on chart. PERSONALLY i think gold is in an uptrend already so i always go with the trend because it is everyones friend.
We had a fibonacci retracement at the 38.20% area.
EMA's cross over to the upside.
Also break and close above daily/4hr resistance.
this is a swing trade most likely going to be held over the weekend.
1224.50 has been retested so many time with both body and shadow. So bounce of expected towards 1244.00. But my target is 1236.60. then i will go for 1244. Overall bias and context telling me to stay with bulls.
If daily close stay below the 1224.50 then I will change my mind to bear but so many thinks to observe then. Happy trading. Hit a like if you agree....
We have had 2 strong bounces off the 1220 area, with both bounces hitting above 1230.
It must be noted that the level we got rejected at (1240), is the bottom of the past low we made in October. It appears that passing this level is the gateway to 1280.
It will be interesting to see if gold even bothers retesting 1220 again in the next few days, rather than...
Re-longed gold on Friday, 1W and 1D both still look very healthy for bulls.
Cross on 1W MACD, with the 5EMA looking to cross through the 50/100EMA.
We saw a big bounce off 1220 on Friday which served as strong support and reassures me of my long position.
As I posted in my prior idea, I sold my gold position this morning when the DXY started to rally.
I am still long-term bull with gold, however it is clear to me that this move wants to retest the 1220 area as this was significant resistance over the past few weeks. There's currently a bearish engulfing on the 1D chart, and the MACD is looking to test a break back...
Today we got further confirmation of a golden-cross with gold, and even though we had a slight hiccup intra-day spurred by a USD bond sale, we closed above 1240 and made new highs for this run.
TNX is struggling to maintain above water, and it's RSI has been trending down since it's run up in November. We could potentially see a death cross as it's 5EMA makes...
So it looks like we got a golden-cross on XAUUSD over the past few days, however the DXY did not give us the death-cross it was headed towards.
XAUUSD is looking to bull, however today's strength in the DXY halted it's run through 1240. I will be paying close attention to the DXY / XAUUSD relationship over the next few days to see if XAUUSD can continue it's...
Last week was substantial for both gold and the DXY. Gold was able to close above it's 100EMA, and above the key psychological level of 1220, and DXY closed below the key psychological level of 100, and it's 100 EMA. This will prove to be bullish for gold, and bearish for the DXY.
Looking at the 5 and 100EMA for both gold and DXY, we can see that gold's 5 is...
Gold looks like it's ready for a little pop up to the 121-122 range. would like to see it go above 116 and stay above for a day or two as confirmation.
In this article I will be discussing the long trading opportunities in Gold using the Elliott Wave Principles.
As of now it seems that $ Gold is in the Wave C and more specifically it seems like the Wave 3 of Wave C has started which is supposed to be very fast.
Two trading strategies can be used either buying above the break of 1240 or waiting for a pullback...
XAUUSD is meeting now some key levels, which needs to break before next move up to 1250.
We can see one more little pullback before move up, but after break channel trendline + resistence and retest, i'm going to buy XAUUSD until 1245-1250.
Trade with proper Risk/Money management and caution.
So it looks like my cup and handle idea played out well.
We are making higher highs, and lower lows, which is very bullish for gold, yet we are having resistance at the 100 EMA. Once this is cleared, we should move up rather quickly.
I believe with 99.99% certainty NFP will beat tomorrow, which will cause an initial drop in gold, but due to the fact that gold...
