Gold rose over $15 in the past week recovering from a massive fall as it rebounded from its long term support area. This rally was largely on back of dismal data coming from America which pushed the dollar index to new lows thus pulling up the yellow metal prices. Gold climbed back into its trading range of $1215-$1297 as shown in the chart below. Weekly chart is...
Big Overview for GOLD , possible head and shoulders forming, feel free to take ideas, i'm not personally right now in this trade i will wait for more confimations, i will keep updating the analysis,
Wait for a new trading opportunity and Be carefull outhere ;)
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.
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%.
Gold crashed over $30 in the past week breaking all supports broadly on account of Hawkish Fed minutes and better than expected data coming out from America. Incremental selling was visible from start of the week and there was no respite for the yellow metal as it continued its downward trend going below its long time support of $1208 but settled a bit higher...
Probably gold is heading to complete harmonic pattern aiming for zone 1 and if break it will extend to zone 2 so its good opportunity to buy from these zone my analysis was on daily chart timezone gold US
When all the stochastics converges to same points in either OB or OS area, market reverse its direction. Check the graph and time to go long in Gold now.
I believe now is a good entry for gold. Especially when the Crypto market is taking a huge beating right now it is a good idea to hedge into gold long term. This is a bag trade. HODL.
There are many reasons. Brief description is time killing. So I'm giving you the summary. Find the reasons from the chart.
1. Weekly Triangle Resistance. (Purple)
2. Weekly Stoch-RSI "Over Bought"
3. Daily Triangle Resistance. (Lime-Green)
4. Daily Stoch-RSI "Over Bought".
5. "Bearish Bat" Harmonic Pattern. (Maroon)
6. Bearish "Head & Shoulders" Pattern....
Gold staged a stellar recovery from the lows of $1240s to close significantly higher at $1256 adding gains for the week. Gold fell to a 5 week low in the start of the week but managed to plow back the loss as buying at lower levels was clearly visible along with poor data coming out of America which aided the metal to erase the losses. Gold broke the bearish...
