GOLD: Is the storm coming or have you missed it!?Not much to say here. Methinks most people have missed the storm. If you haven't tell us about it! LOL.
GOLD/AUD
Gold daily in AUD- Rising wedge.According to Bulkowski- 60% probability of downward breakout, 40% of upward breakout.
As for downward breakout for a falling wedge, one of the worst performers, with 72% probability prices will retest breakout point (throwback).
As for upward breakouts for falling wedges, far more likely to be fruitful with far better performance, according to Bulkowski.
5th wave - The Final Extended RideGold's third wave was normal(on Weekly). This will make 5th wave extended.
Therefore, long is for sure.
However, the question is where should one enter for min risk and max loss.
I have used Ichimoku strategy to place my entry. SL just below the current low on daily. If SL hits we exit and wait for another re entry.
And if everything works out as planned exit when Awesome oscillator turns red on weekly.
WEEK 04: GOLD WEEK 04: GOLD
As you can see, our objective has been reached and price swept lows, where is our "eye".
I am still keeping this idea and would like to see price reach $1570-1580 following with rejection, sell-off and fill in our too thin liquidity down to $1516-1477.
I would change my LTF Bearish view, once we will reclaim support $1590-1600 level.
AUD dying a slow death against real moneyXAUAUD - This has to be the most telling of all sorties of all.
While everyone continues to pile into trendy tech stocks operating in crowded consumer markets, harbouring astronomical debts, that make no profit, with PE ratios higher then Cheech and Chong. At the same time the unloved boring gold sector with low PE ratio businesses, no debt, free cash flow and cash reserves finally showing signs of life. Gold tells the story of a slowly dying monetary system poised to give the retail investors one last f**k you. Where will you be on the next bank holiday?
How did you go broke?..Slowly. Then all at once.
GOLD/AUD POSSIBLE BUYWe got a great possible buy for this pair where price has created a new HH after broke the descneding daily TL that lines up with a retest to a previous structure/impulse and the 61% fib forming a nice reversal candle and confirming all these with a 4th wave correction
XAUAUD WAY TO EXTENDED IM HOPING IT DROPSStop above right shoulder if you can even call this head and shoulders.
GOLD: This is the craziest chart on Tradingview!5 currencies compared against GOLD.
I say no more. Watch the video - and if you disagree, say so and why with some evidence!
XAUUSD SHORT - INTRA DAYAnalysis team placed short on XAUUSD @1468 with the intra day target @1465 on 19th November, 2019:
Gold in AUD - Falling Wedge.According to Bulkowski- Falling Wedge is an over all poor performer as far as bullish formations go, however it has a 68% of upward breakout. NB. since the formation is over 3 weeks old, it is a falling wedge and not a Flag and Pennant formation.
thepatternsite.com
XAUUSD (GOLD) LONG - INTRA DAYAnalysis team placed long on XAUUSD (GOLD) @1490.90 with 2 intra day targets on 23rd October, 2019:
TP1 @1497.31
TP2 @1503.93
Gold in AUD - Breakout coming. The grey shad is the first 2/3rd of the triangle (point of average breakout). Upward breakout has a 60%, downwards 40% according Bulkowski's research.
Gold in AUD daily is forming into a Symmetrical Triangle.According to Bulkowski's reasearch- this has a 60% probability of upward breakout. It is not a Pennant in an uptrend (since it is over 3 weeks old).
XAUUSD LONG - INTRA DAYAnalysis team placed long on XAUUSD @1482.90 with 2 intra day targets on 2nd October, 2019:
TP1 @1489.64
TP2 @1505.42
