On the 15Min TF a perfect inverse head & shoulders reversal pattern has formed. Bullish price movement should take over in the next couple hours so now would be a perfect time to buy Gold as a short-term trade.
Trade Details :
SL : 1267
TP : 1278
Gold has reached new highs, the highest point since April 2018. The metal is overall trading inside an upside wedge, broke above a weekly trendline and doesn't face any significant resistance until $1.360. USD weakness may push it to the mentioned upper resistance.
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In relation to all my predictions, I believe people will panic buy JNUG as a reaction to -13% drop we might have on Monday, Oct. 15th. In my opinion and not financial advice, I would sell it and go JDST after taking profits at the ~48.9% pop.
Finally Gold has started to move in that bullish move that we have been expecting for a while , support lies at 1182 and target zone is at 1250.
The overall pattern is looking to be double zigzag.The wave count in Euro and US Dollar index DXY is also supporting this, US Dollar is about to finish last leg of bearish correction , hence GBP, CAD , EUR , AUS and Gold...
Gold broke out weekly uptrend line few days back and so far price action is struggling to more downside. I am expecting a pull back to be setting up, watch out the area I mentioned for long plays.
- Gold made another Pin bar that tested supporting zone today
- The whole structure shows that Gold is still in trading range
- Buy low when price breaks High today or make some retracement to its Fibo 38-50%
- Target at 61.8% of previous bearish impulse leg
- Comment +1 if you make profit
waiting for retracement, from yesterdays analysis we needed it to close under yesterdays low but it didnt! instead made a double bottom and broke yesterdays high for a bullish run now we are looking for a retracement to get back in with the buyers so we will wait and see.
This butterfly pattern seats in a pretty comfortable support and resistance zone with a somewhat visible ascending head and shoulder formation. So I have picked my entry points as you can see but remember to watch the fundamentals.
Here are the fundamental factors to keep in mind on Gold:
-Australian ANZ Job Advertisements
-Australian TD Securities...
As i tried to warn the Gold's bulls about this ''fake rally'' at my previous article now it's good time to start to search for a reversal area.
Gold as most metals are still in a bear market.From the long-term view on gold we can undesrtand that after the 5 wave structure of the 5 Elliott waves we can are in a A-B-C correction waves as mentioned in previous...
XAUUSD rallied up after FOMC news and i will be
defo looking for bearish bias like this!
XAUUSD will meet strong resistance, 61,8% fibo PRZ, demand zone
(not drawn) and previous trendline retest.
I only made an area, where I will looking or shorts (not demand zone)
Wait for PRICE ACTION before sell!
Don't forget to trade with proper RM/MM and caution.