If Easter Eve shows gold closing below the daily open, it would be the 6th straight down day - a rarity for gold. Additionally, it's not even tested the inner 2/8th harmonic at 1275. More importantly, there is a new Full Moon phase on the 19th at a swing low for gold and Venus and Jupiter are squared on today's date (17th of April, 2019).
Not shown is a prolonged...
Trading suggestion:
. There is a possibility of temporary retracement to resistance support line (1280.90). if so, traders can set orders based on Price Action and expect to reach short-term targets.
Technical analysis:
. XAUUSD is in a range bound and the beginning of downtrend is expected.
. Price is below WEMA21, if price rises more, this line can act as...
The price bounces from the support zone between 1285.00 and 1280.00 levels. The reversal candlestick pattern and RSI confirm this price reversal. MACD histogram supports a possible upward movement. DMI is bearish with ADX line moving upward. It tells us about the strength of sellers. The market can make one more attempt to break the support zone and move lower....
What is the trade here?
We are outguessing the end of a pullback within a pullback ... there is another leg down within this 4th wave in the sequence, with heavy resistance coming into play at 1325 the downside is wide open.
We have a window of opportunity with inflation softening and risk fading via Mueller to complete a pullback as far as 1255/1260..Tracking...
As you see on the chart H4 above, i have two big profits on last three days with amazing wave 3, this pair still bearish projection, but will be rebound for a moment...
on daily and weekly gold look like to continue to sell bear this mind this is not the trade setup first wait for price action to confirm us market direction i better suggest to sell it on the break of structure for aggressive entry look for entry box which i mentioned on chart
if you like my idea don't forget to like it :) good luck see u guys soon.
XAUUSD is approaching our first support at 1283.93 (horizontal swing low support, 61.8% Fibonacci extension) where a strong bounce might occur above this level pushing price up to our major resistance at 1300.42 (61.8% Fibonacci retracement, 61.8% Fibonacci extension).
Stochastic is also approaching support where we might see a corresponding bounce in price....
People trade based on fractals and ratios. So, why not trade based on symmetry? Though, I suppose the chart technically suggests a combination of symmetry and repetition.
Overview for GOLD -
Price took an unexpected Decline last week, after a great start to the week, I feel we have a good chance to test the weekly lows before i can consider taking longs again. I have outlined my areas of value and will be interested in shorts round here. USDJPY is strong at the minute also, some correlation to think about!
XAUUSD is approaching our first resistance where we might see a corresponding drop in price to our first support level. Stochastic is also seeing a bearish divergence and approaching resistance.
Gold respected the 1D Support Zone (1,276.50 - 1,281) last week which cause a strong rebound at 1,281. After breaking the 1,300.50 4H Resistance, 4H has turned into a strong buy again (RSI = 64.279, Highs/Lows = 8.0379, ADX = 27.299) while 1D turned neutral (RSI = 52.247) potentially aiming at the 1,324.45 - 1,326.20 1D Resistance Zone. Our TP is 1,325.
**...
- Important trendline retest
- Fibo level
- 2015 yearly high
- Recent support/resistance levels
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Have a nice day,
Best regards!
*This information is not a recommendation to buy or sell, it is used for educational purposes only!
Gold price is widely followed in financial markets around the world. Gold was the basis of economic capitalism for hundreds of years until the repeal of the Gold standard, which led to the expansion of a fiat currency system in which paper money doesn't have an implied backing with any physical form of monetization. AU is the code for Gold on the Periodic table of elements, and the price above is Gold quoted in US Dollars, which is the common yardstick for measuring the value of Gold across the world.
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