Gold Monthly chart and a possible wave count.
Might be a little disbelief right now, that the formerly mentioned "pump" really happened, but yes, it did and is the question are we finding a resistance now or are we going further up to the Yearly Pivot Resistance 1. Gold is trying hard to overcome the mid term trend line (red) and I am clearly going to warn about possible fake outs at this point. Whoever of...
Spot gold has shown determination to resume its bull run after a near four-month consolidation period, which is normal in the big scheme of things for gold (see monthly chart of gold's big run up to 2011). The next major resistance zone is 1514-17 at which point a 38.2% Fib retracement would not surprise. Gold fundamentals remain strong with the banking sector...
Gold Bullish Market expected spot price for longs 1600.
Gold is currently in an uptrend channel, and Friday it touched the lower bound of the channel at the 76.4% fibo retrace. There is also a strong hidden bullish divergence of H1 & H4. My targets are the top of the channel (1489) which is also the 1.272 fibo extension, and TP 2 is 1499 which is the 1.618 fibo extension. I will take partial profit on TP1 and put a...
Gold has closed above $1483 numerous times. A right shoulder will produce an opportunity to long this pair.
GOLD is showing strong signs of holding above previous support around $1480, after washing out some buyers with the spike lower, as safe haven buyers step up the pressure. If the trade war continues to escalate, we expect the bulls to come out and play and send Gold running to new highs. A push above the $1519 zone on the daily timeframe would be just the trigger...
Hello Friends, The charts I been looking at today have pointed out that there is a possible double bottom. That all hinges upon the completion of the neckline of course. So if anyone is in on this trade beware that it could go either way. Especially given the fact that this chart is pointing towards 2 bearish patterns. I am expecting a reversal but will swing...
Short term fall to 1492 area. Then 1533 area for a right shoulder formation.
A potential long setup is being formed in Gold at H1 TF. Place a pending stop and see how it rolls out. PS: Trail the trade once in positive at 15 pips.
Potential Short setup on Gold. Move SL to Breakeven when 20 pips in positive.
Gold is looking to pullback waiting for a clear break of the 1490 support zone and a re-test for confirmation before we enter short. TP1 is around 1400$ will comfirm at entry. Never Risk more than 2% per Trade Always wait for Price Action Confirmation *** THIS IS NOT A SIGNAL JUST AN IDEA ANY THOUGHTS OR COMMENTS ARE WELCOME ***
As shown in chart.
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.