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At the moment of writing this alert our full 200% net short position in gold, silver and mining stocks are well justified by the risk and reward measurement.
Yesterday USD Index declined to new weekly lows in intraday terms and we saw a small rally in gold, silver and mining stocks, The HUI Index also invalidates the previous breakdown as it moved back to its ...
Breakdown from defending triangle and once $1200 breaks, $gold looks to dive quickly to $1000. Perhaps a minor rebound this summer to $1270-80 range before falling further. Should $1000 support give way in a decisive manner, then look out below. Could then head to $750 before consolidating in a long-term price range of $400-500. $Gold just has a really bad feel to ...
For long term traders, here is my outlook on silver from now thru 2020. The price has been in consolidation around $16 since 2015. A huge upside breakout is in the making, so keep adding on dips. For more trading ideas, pls visit my website.
Idea is to short gold from 1329 to 1334
IF YOU TRADE PATTERNS. SHORT OPPORTUNITY HERE @1.338,51.
Gold is likely to make a move up pretty soon - not necessarily of USD weakness but for global demand in gold asset to rise. So gold against all currencies will likely strengthen in near future. Plan for alternative move #2 where the price can drop below 1259 and if you can add more trade, then keep the trade until 1310-1360.
So my last post regarding where we would catch support (roughly around $1,300) was incorrect.
My main thought process behind us catching support at that level was because I believed $1,300 was a very psychological number. However, it appears that this is not true anymore as we've been over and back $1,300 so often the past 18 months that traders have become numb ...
We have a falling wedge and a bullish div both on rsi and macd. SL under wedge down breakout.
XAUUSD the pair have a good volume ,the buck failed to drag the pair down through the 55-hour SMA. Second, the gold managed to recover and break through the weekly R1 at 1,339.42, we can see fall one again towards first support 1331.62 and expect to break and intimidate target of 1326.Overall we can see the pair target of 1304/1298 and then one more rally.
Retracement Point for XAUUSD
R1 - 1293
R2 - 1273
R3 - 1257
More over the trend will be changed to bearish.
What is the '222' Gartley? That advanced pattern in which AB=CD leg and D point is not exceed X.
So, we have a '222' bearish Gartley formation with RSI Divergence in 1 hour timeframe.
I recommend open long position on the GOLD
T/P at 1247.xx
first profiting taking point is $1270.00 and stop loss at $1249.00
Looking at gold, there is the opportunity for a briefe pause in this rally today. Some divergency between price and rsi and price action at this level support this ideia.
I´ll place a sell stop order at 1271.17 with TP1 at 1268.06 for a short scalper and then as TP2 i´m looking for 1265.37
This setup will be invalid if price breaks for new highs
As long as the red trendline is not broken on the upside I don't think there is much point in looking at bullish counts, hence I have only discussed the most probable bearish count in this article.
Looks like the Wave B was a double Zig Zag and the Wave C has already started as an impulse down in 5 Waves.
Based on this count the most probable target for C are : ...