While I am still a dollar bull and don't yet see no fundamental signs to change that position, I can't help but notice a $80 technical zone that may provide gold support in 2016. I had already noted $1110-20 as a possible support (old resistance from 2008), but I only just realized that $1110 is the 50% retracement from the 1976 lows ($101) to 2011's highs...
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Looking at the zone Gold has come back up to test the previous ranges 1220 - 1180 . Looking for direction after the close of the daily tonight.
There's currently a potential negative divergence that is appearing on the 30 minute chart, and this seems like the correct timing for an attempt at that short position I talked about yesterday. The stop-loss should be placed just above $1160. If in the next 3 hours prices rally sharply, this will invalidate the divergence and will merit cutting losses without too...
Following last month's sharp fall in gold prices, the market has entered a bullish corrective phase and is rising back up to a previous support level at $1,147 that was tested on 8 July. There is currently a trend line resistance at around $1,151-53 which could provide for a decent short opportunity pretty soon. A stop above $1,165 (to be determined according to...
After the upward break of the lateral 4 hours channel. Gold preparing for continual upward based on the breakdown -e - pullback - continuation pattern.
By reading the chart ; I feel a triangle. hope a break out soon... bcz.. the triangle sharpening a pencil.
Bad data ushers in gold bulls. [/i The dollar is weakening, again, on bad data with durable goods declining 1.4 percent in February versus expectations of a .4 percent gain. Core durable goods month-over-month, ex-transportation, fell .4 percent while January’s figure was revised down from zero to a contraction of .7 percent. The ongoing poor data out of the US...
Please refer to the description in the analysis for information on this setup. Feel free to comment below for any questions or suggestions regarding my analysis. Thanks MaiTrader
Gold prices are likely bottoming after having retraced a big chunk of the January rally this month. Looking at the XAUUSD chart over the past two and a half years, prices have started to bounce off an old bearish trend line that was broke through at the start of the year. There's also a bullish trend line coming in at the $1190 level. Technicals suggest that a...
Triangle resistance on the Daily chart. Double top at the 78.6 fib level on the hourly chart. Previous resistance also. A CTL break will confirm short. Target around 1185.0.
XAU/USD still has a way down to GO! WEEKLY lower high and lower low structure = BIGGER PICTURE DOWNTREND.... Bottomed at 1132..(was expecting 1100) and had a choppy corrective retracement but STILL put in a lower swing high on the Daily TF...(1227 ish) Now awaiting downside continuation with 1130 to be hit then 1070 (forming a new lower low) Read price action...