Gold confirmed our medium term bearish view, as the 1D Channel Down (RSI = 44.533, MACD = -5.450, Highs/Lows = -2.2965) was successfully rejected on a Lower High below the 1,520 break out barrier. See that idea below: It traded for a while within the High Volatility Zone (blue Rectangle) but again formed a shorter term Channel Down on 4H (RSI = 42.719, MACD =...
Gold has been trading this month within a 4H Channel Up (RSI = 49.668, MACD = 3.600, Highs/Lows = -3.3550). Those indicators along with the fact that the price touched the 4H MA50 yesterday and held, make the short term outlook bullish again, even though the Higher Low zone is marginally lower. Our TP is 1,570, with the next possible Higher High projected to be...
My expectation for Gold just putting it here for the record. Let's see how it plays out. GL Traders
Sustain trading above $1550/oz may pave the way for much higher Gold price, otherwise, if prices keep trading below the channel's upper trend line, then Gold may resume long term down trend.
I have discussed at length in my previous posts where I think Gold will go and the specific reasons for my conclusions. As such, I will refrain from repeating. To keep it simple, I see 1450 as the next major hurdle and once 1450 is broken we will be set to reach and exceed 1500 within 3 weeks afterwards. Until then it will take some volatility before we get to...
Sell on a confirmed breakout! Buy if breaks upwards
XAUUSD is half of the way to the profit objective of the giant Cup and Handle pattern that I posted about a week ago. Bullish Gartley 222 pattern formed in the market increasing the possibility of the trade. 3.83 Reward/Risk Ratio. 837 pips of trend continuation profit potential 267 pips of pattern targets profit potential
Does current gold rally follow the parallel channel as shown in the chart to eventually resume down trend?
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Gold has entered its 5 year Resistance Zone (1350 - 1365). This alone is an immediate sell signal. What's even more interesting though (and a stronger reason to go short on Gold) is the cycle that the metal tends to seasonally follow every 1.5 years. The chart speaks by itself. I have distinguished two time periods: 2017/18 and 2019/20. Every time the price...
I LOVE THIS CHART - "SPOT" ON LOL LOL LOL 34 x 340 week
Gold continues in it's downtrend, as it currently completes a corrective structure towards the 1290 resistance level. I will be looking to short gold around the 1290 area if price action suggests so. Therefore, be on the lookout for bearish engulfing candles or any type of heavy selling close to the dynamic resistance (trendline). A possible target is the 1270...
As shown in the chart
Pattern: Inverse Head and Shoulders on 4H. Signal: Bullish if the current candle formation (circle) breaks upwards, bearish if it breaks downwards. Target: 1310 for the bullish break-out, 1268 for the bearish break-out.
XAUUSD ( gold spot US dollar looking cup and handle pattern.
Pattern: Potential Rectangle forming on 4H. Indicators supporting the formation of this pattern: neutral RSI on 4H, decreasing rate on buy indicators on 1D. TP1 = 1280 TP2 = 1276
This is an alternative for a possible Elliott Waves count of Gold. As shown in the chart decisive breaking and sustain trading above $1400 may pave the way for much higher gold price.