2/13/2017 - Waiting for GOV to break above $20.50 to start considering a long. Setting up alarm to review once it breaks $20.50. The ~$20.00 has been pretty strong and don't want to place long until it breaks above this resistance. Still bullish as price has left behind the VPOC at 18.50-19.00.
Gold rose 12.4 points to to close at a new yearly high of 1250.7. This puts the C wave firmly back in play with an expected target of 1277.7. Price on the Volume Profile charts has now extended past both the short term and intermediate term value areas which suggests that price will now move higher, attempting to fill in the profile at the higher end. The 3 days...
Gold closed up 30 cents on the day to maintain it's position above the 6 and 8 day moving averages. It is also still above the extended closing price line (cyan). All in all, while Gold has been trading sideways for 2 weeks, it is still leaning to the bullish side. The Heikin-Ashi chart for the day shows a red doji for Tuesday's trading day. This could be a...
Gold rose 2.1 points on Monday in very light trading as the US markets were closed in honor of President's Day. Gold penetrated the 6 and 8 day moving averages at the low of the day but closed above them. The precious metal is trading sideways for now. This sideways trading is even more pronounced on the Heikin-Ashi daily chart with 6 of the last 8 candles being...
Gold traded higher today, closing at 1240.1, up 5.8 points on the day. While the move was great for the bulls, the precious metal ran into strong resistant @1243.7, the highs from last week. If Gold continues to move up tomorrow, that will mark the 3rd consecutive week up and the 7th out of the last 8 weeks. Here's the weekly chart: On the main chart above, I've...
Gold sold off in the overnight session and tagged the 21 day MA at 1217.5 and then sharply rebounded to close just above the 6 and 8 day moving averages. I have been calling for a tag of that 21 day MA since Monday when price broke through the ice and closed below those moving averages. But now, price is trading above them and the future direction seems like it...
2/13/2016 - RHI already closed the gap from the post earnings but didn't retrace to its previous close. Initiating short at VPOC with tight stop at 48. Target of 45.50
Gold closed up 3.1 points on Tuesday but that was basically a move sideways. There was some volatility in the morning when Fed Chairwoman Janet Yellen began her testominy. But while the DXY dollar index had a strong move up, Gold stayed basically flat. However, it is clear on the chart that Gold is still trading under the 6 and 8 day moving average so my bias is...
Gold dropped 8.1 points on the day to close below the 8 day moving average. As the dollar rose, gold sold off and finally cracked the 8 day ma. It also closed below the forward adjusted closing price line represented as the cyan line. There is now a high probability that gold will touch the 20 day moving average which is the midpoint of the Bollinger Bands. The...
2/13/2017 - GLD Cup and Handle Pattern on a Recent Point of Control. Long with Target 1 of 12.50 (just after the next area of acceptance/high volume).stop at 114.50
Thursday started off promising with Gold hovering around the 1242 level. But then the dollar DXY broke out above the midpoint of the BB and Gold fell, closing the day below the 6 day moving average. At it's low, it touched the 8 day moving average were I am sure many people had their stops. As the Friday session begins in Asia, Gold continues to fall....
Gold continued to move higher today, closing at 1243.1, a gain of 7.9 points for the precious metal. The US Dollar Index $DXY fell today which helped fuel Gold's rise. As I pointed out yesterday, the dollar had closed under the midpoint on the BollingerBand after having tried to break through that line of resistance and I thought that it would move lower today....
After the recent high in january, we've had small pullback in february for the market to settle down after such a powerful move upwards. I believe we are reaching the crossroads anytime now. 11400-11450 seems to be a very important zone for the future. As long as we are trading above these levels, or have a rejection there, I believe we are looking for another...
Since Monday, price has been hovering at just above the 1.0600 decision area for roughly 9 bars now (good chance something is about to be decided). Buying potential: If the pair rises past the 1.0700 void to the 1.0730 area, we may have little resistance further up. If selling, the key area is 1.0440.
Based on volumes for the 4-hour chart, sellers are mostly looking at 1.044 while buyers are eying 1.059 . I won't be entering any trades until I see live price action starting January 3. Still, as long as 1.06 holds, EURUSD is subject to gravity.
Fellow traders, if price hits the volume void at around 1.2085 , it'll likely rise to the decision area around 1.2155 before taking a dip or moving on up. There are more ' buyers ' than there are ' sellers ' at these levels, but more sell pressure at around 1.2300 . I am currently not in any trade before the inauguration, just watching for now. All the best!
More 'Buys' are dominating the GBPJPY up until around 146.83 . With the sudden bounce at a heavy-volume level at 143.94 , it's worth watching for further price development before jumping into a trade. I've highlighted key volume levels to watch while studying price action.
Volume at the critical 1.045 level is increasing. It should be noted that there are more Buyers at this level than there are Sellers. Clear break down seems inevitable.