After realising US ISM manufacturing report Gold climed to 1549.79 yesterday , As i am publishing this idea now , starting of sydney session highest price is 1549.98, rejection to climb above 1550. Althought it seems like price may go near 1570 by this week and 1600 next. But we are expecting some sort of pullback before buyers take control. .. This could be prime...
I say take profits if you have been longing already. Now is not a good time to buy in, but if you want to buy, wait for a retrace to support below (1500-ish and 1425), or wait for the breakthrough of this resistance and confirmation it flips into support. That's all. Keep your trading simple and stick to your plan.
Due to fundamental reasons (trade tariffs, sudden currency devaluation of the Yuan and stock market crash) impulse wave 5 of Gold has broken through the blue doted resistance trend-line and is near its ATH (Gold/EUR chart).
However, there are 3 other strong resistance lines:
- dashed violet resistance trend line (currently around €1360.-)
- horizontal ATH...
Overall Gold is very much bullish but there could be a counter trend move pending.
If price can break the ascending TL and 4 Hour 50ema then we can look to go short upon a retest.
Alternatively any bullish rejections from this level and we will continue push higher.
Instagram: @TheTravelTrader (www.instagram.com)
Twitter: @fx_ollie (twitter.com)
Hey tradomaniacs,
welcome to another free signal!
Important: News from China caused a rising stock-market.
In terms of correlation this move caused a fakeout for gold and could
cause a continuation of sell-pressure until we see Trumps next tweet. ;-D
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Type: Daytrade
Sell here:...
After reading the fraud taking place within the GOLD market with fake GOLD bars being found with possibly thousands or maybe even millions more yet to be found, in our opinion, you are playing a very dangerous game buying GOLD now!
Read Story...JP Morgan gets hit with Fake GOLD bars...
Exclusive: Fake-branded bars slip dirty gold into world...
Gold may be nearing the completion of an A-B-C correction as per it's monthly charts. Between Dec '11 and Dec '15 Gold declined in a 5-wave impulse move. Since then it has been in a corrective A-B-C bounce. We are currently in the C-leg of this bounce. The price equality target for C-leg comes to around $1590. However it is not uncommon for C-waves to extend to...
KEY FUNDAMENTAL FACTORS FOR GOLD
Here are the key factors to keep in mind today for Gold trades:
Australian ANZ Roy Morgan Weekly Consumer Confidence Index: The Australian ANZ Roy Morgan Weekly Consumer Confidence Index for the week of August 25th was reported at 114.1. Forex traders can compare this to the Australian ANZ Roy Morgan Weekly Consumer Confidence...
Asset: XAUUSD ( GOLD )
Sell Stop Entry Price:1500
Take Profit: 1250
Stop Loss:1550(we will reduce the stop loss points once positions will be more favorable)
Capital risk:$3000(4%)
Potential Gain:$15000
Risk/Reward: 1:5
Price is now below the 4 Hour 50ema since the beginning of August and failing to make new higher high's.
With buying momentum fading, I will be waiting for price to print a new lower low and close below support of 1494.50 (full 4 hour body closure) to confirm the new direction.
Safest entry can be taken upon a retest of the neckline (support turned resistance...
GOLD LOOKING FOR SHORT TERM BEARISH MOVE BEFORE A MASSIVE BULLISH MOVE
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FOREXCOM:XAUUSD
