Gold Trading around 1297 its completed its 50% move of 1352 high and 1242 low.
As fibo Study and As Strong Resistance on monthly 1305.It can drop from current price 1297 or from 1305 level and we can see 1284 even 1268 too also depend on ADP FOMC and NFP
Advice Sell Gold from current level 1297 to 1305 sl above 1313 TP1 1284 tp2 1268
GOLD probably started new bear market. All the Gold bug$, get out. The green support line from end of 2015 has been broken. And also it touched the upper red resistance line drawn from 2011 high. Next stop for GOLD is around $1000/oz
If we see Gold Daily Chart Its continuously Rejecting above 1340 level and giving closing below that level. and also Strong Resistance around 1344
So Advice to sell in range of 1335-1344 sl above 1352 where TP1 1321 and TP2 1307
Waiting to complete D. Once complete looking for 1326, over 1329 we'll continue higher. If it pushes lower past 1300 a run higher is invalid and I'll be looking for 1297.
On daily chart if we see Strong Resistance Seems in gold around 1355-1365 level its ignoring this level for long time. If hold below this 1285-1310 for Gold will not surprise.
We advice Sell gold with 3 levels with small lot sell cmp 1333 next pending set around 1344 level its strong resistance then other 1358 sl for all trades above 1368 and TP1 1313 where TP2 1285
Bearish Bat. Two formed on M15 one with lower entry and that is what looks like is happening.
TP1 1343
TP2 1339
SL 1354
Entered trade at 1354.7 GC or 1349ish.
IT WILL BE PAINFUL TO TRADE GOLD/USD PAIR UNLESS YOU KNOW TOOLS TO DEPLOY OPTIONS. I am bear on this relationship and probably forming channel trade, but don't count on it too much.
Also from cycle perspective Bull Market from 1999 TILL 2011 is OVER. So better to bet on the short side at least for next few years.
Overview:
The Gold market fell during the day on Tuesday, but did found enough support below at the level of $1305 to bounce slightly. The main trend of Gold is bullish on charts and the $1300 level is looking a strong support level, at this point in time buyers are still interested in in the precious metal . The primary trend of Gold is bullish on charts. On its...
