GOLD Though 3 days ago the daily close was the highest close since 2013, we stopped the rally. On the 8 hrs chart above it still seems we are just testing back the triangle but as we are on day 18 time is not working for us. Today is day 18. I'm expecting a top on the 25-26th day. That would be on or one day ahead of FOMC. The drop back below the triangle's...
Hi Guys, following my post dated 14 May 2019 Gold was rejected at 1300 but was supported one more time by the longer SMA (620). The rejection at 1300 marked a lower high compared to previous highs within the correction. The 3 black S on the orange SMA diverge slightly with RSI but imho divergence not steep enough to prompt a pullback above 1300. Since RSI...
Hi Guys, Gold is pushing lower towards that support next to the 3. RSI is diverging big time but price still pushes. USD/JPY at the moment is bouncing on resistance at 112. A break above 112 would surely help Gold to break that support. But for the time being USD/JPY seems to have lost upside momentum and Gold seems considering about a run towards 1300 or the...
Hi Guys, the above structure is based on the assumption that gold, among other factors, is driven by negative economic outlooks and is considered a safe haven asset. For me the simpliest way to put it in order to undestsand price action in the last 10 years is the following: Financial Crisis have driven gold price up and the System have responded by implementing...
Hi Guys, I was doing a work on the 1H chart but I wanted to post this first. I hope the idea is clear...not sure about how that handle may unfold though. On the 1H chart a potential bear rally may be at its end but bias on that timeframe is still favouring bulls. If I am correct, a break below 1300 may prompt a further extension of the correction of the bull...
Hi Guys, GOLD entered 2019 bullish driven by the fall in stock markets. It was supported in week1 and week3 before continuing for higher highs. In week7 Gold made a top at 1346. The pullback was supported in week9 at same level of week1 and week3. SMAs support the uptrend and now Gold is squeezed between the two SMAs. AToW IMHO Gold maybe set for a run above 1310...
Hi Guys, if you drag backwards the above chart you will find LS in week4. LS (left shoulder) week4 H (head) week7 RS (right shoulder) week10 IMPORTANT: RS was the idea, opportunities were along the way. At 1310 Gold will start facing resistance. Be carefull. For a complete picture please refer to my post dated March 10 in the related ideas linked below (GOLD:...
Hi Guys, this is a follow up of the idea I posted on March 3, before week9. See the H&S pattern taking shape? The yellow metal seems to have found support at same level as in week3 but below the 156SMA and most important below 1.300. Week10 will provide interisting opportunities as it unfolds therefore I would not rush in on Monday morning but let the price make...
Hi Guys, GOLD could range below 1300 all week10. On Monday morning before 9 o'clock price could break above 1300 level but if pushed back below by 250SMA at opening price will form a bull trap that would look for support on the 100SMA. Thank you for your support and for sharing your ideas. Don't forget to put a like if you appreciate the post and to follow me...
Hi Guys, before we start, in order to understand the bold red line crossing this chart, please click & play the following structure: Yes! Price dived right into the upper bold red line of the structure where it seems to have stopped now. As you can see A ends the Bull Run commenced on Aug 16, 2018 before diving right into the upper bold red line of the...
Hi Guys, I've adjusted the periods of the SMAs by adding 50 to both. Price crossed the blue horizontal line and is encountering various supportive elements from a technical point of view. If it crosses back the blue horizontal line in the next 2 to 4 candlesticks I will set up short-term trades targetting the red line when it crosses the 103SMA. If it does not...
My ideas are in the chart. What do you guys think? -Kristian Edit: The 12pt font within the idea seems hard to read, not sure why, it usually doesn't. I think it might be because of the way I positioned the chart, or the fact that there's also larger font. Either way, I'll try to fix it for the next idea.