GOLD market has been smoothly moving up for a long time. As a result of these gains, price reached area of significant resistance where yesterday first bearish reaction occurred.
After a brief consolidation in this area, today’s supply response has been stronger and it seems that this resistance will be rejected. As a result, in near future, we would expect...
Hi Seildev here,
Looking closely at breakout of gold at 1247.63 for short:
- Between 1258~1263 critical point of reversals in the past (9 occasions since February 2016). This could indicate a start of a new downtrend.
- 1 hour RSI divergence
Trade with care
Gold resuming short trend with an expected upside of 1247. Further selling to at least 1202 in the coming sessions. Price action between 1202 and 1198 could see accelerated selling or a sharp bounce.
This is where I practice ideas and work on my trading techniques. This is not investment advice. Please note I am only providing my own trading...
On the daily time frame gold is starting to show some buying strength again after a long bearish trend. Currently there are 2 scenarios. Straight up from here or small movement up followed by a retracement towards the support area before a strong move up.
Risk: Start with a small buy position, add more at the support or when the upper range has...
Our preference: sales position below 1215.50 with targets at 1205.00 & 1202.00 in extension.
Alternative scenario: in excess of 1215,50, aim for a continuation of the rise with 1219,00 & 1222,00 in line of sight.
Comment: The RSI is below its neutrality zone of 50%.
Starting from mid-December 2016, gold moved in a classical zig-zag uptrend pattern all the way from $1120 up to $1295, with consecutively higher lows and higher highs. The key decision-taking levels along this way were $1120 (L), $1220 (H); $1180 (L), $1265 (H); $1195 (L), $1295 (H); and $1215 (L) and $1295 (H). During the recent swing the gold price failed to...
XAUUSD is in well defined downtrend channel and close below the resistance and low of 09-05-2017 which was 1214, Looking to take a short entry
Short Entry at the test of 1218
with the stop at 1222
Target will be the round number 1200.
Stop will be moved to 1214.50 when price will touch to 1210.