Gold still moves above the pivot and looks to continue the pattern by forming the 3rd wave, invalid if the price breaks below 1200, a big chance of a break up, completing the wave (E) in the weekly movement.
-Open long positions if the ...
Gold still moves above the pivot and looks to continue the pattern by forming the 3rd wave, a big chance to break up, finish the wave (E) in the weekly movement.
-Open long positions
-TP at the first and second daily daily resistance
Gold still looks moving in the pattern formed, and moves in the daily pivot area for today. Today if the price does not break the pattern by breaking below the first daily support ($ 1194.03 / oz) there is a good chance the price will move to the first daily resistance area ($ 1206.43 / oz).
Gold closes below the daily pivot for today, the RSI indicator is already in the oversold area and the price seems to start losing momentum. The chance is that if the price does not break the first daily support, the price will move back up to the pivot area.
Gold moved again in the pivot area after having broken down the daily pivot for today. There are two possibilities, if 5th wave has finished in yesterday's hike then the chances are bearish, if it turns out yesterday's hike is a continuation of the 3rd wave then the chances are still bullish. Since divergence appears then the chances are greater in the first ...
Gold is still consolidating to form a triangle pattern and moving in the daily pivot area.
-Open long positions when the price breaks up the triangle
-TP at the first daily resistance
-SL can be placed in the first daily support or ...
Gold consolidates to form a triangle pattern, looks like there is a bullish exaggerated divergence even though the pattern forms a descending triangle, if you look at the chance for weekly movement then the chance for daily if the price moves bullish then the chance it move to the first daily resistance area.
and if bearish then the chance it will move to the ...
Gold moves in the pivot area for today after yesterday having broken R2 but still back down. wich is the price breaks down the pivot down there is a chance to continue the pattern, but if the price breaks the previous high then the chance to continue move up.
Prices now have formed a bearish candlestick.
Prices are moving up and still in the channel, the price is at the first daily resistance, 200 MA on TF 1H chart is in the second daily resistance area, if price continues three drives pattern then there is a good chance it will turn down at the second daily resistance, invalid if price breaks up out of the channel.
Yesterday Gold moved down and closed below the daily pivot for today. Price is already in the first weekly support area ($ 1192.70 / oz) and is at the channel support line that is formed. Looking at the daily price movements in the past week there is a chance the price moves to form XABCD or maybe three drives pattern. Chances are the price will move back up to ...
today opened slightly above pivot, and still moves in the daily pivot area for today. The price movement looks to be consolidating and forming a triangle pattern, wait for the price to break out the pattern to open a position.
-Open long positions if the price breaks up
-TP1 at the first daily resistance
-TP2 at the second daily resistance
-SL on ...
Gold closes below the daily pivot for today, and forms a lower low and lower high, the chance of a price increase will continue to move lower.
-Open short positions below the first daily resistance ($ 1206.72 / oz) if the price rises above the pivot but cannot pass and hold above the first daily resistance.
-TP1 on the daily pivot ($ 1202.46 / ...
Gold starts moving below the pivot and breaks suppot on trading yesterday, but still looks bullish divergence and the price is still in the previous demand zone.
-Open long positions if the price breaks and moves above the pivot
-TP 1 at the first daily resistance
-TP 2 to the second daily resistance
-SL in pivot or in the last swing low.
-Wait for ...
Prices have moved below the daily pivot but are still stuck and there is still a chance to continue the channel formed.
-Open a Buy position if the price moves up again above the pivot.
-TP 1 at the first daily resistance
-TP 2 at the second daily resistance
-SL can be placed below the pivot or at the last low ($ 1199 / oz)
-Wait for confirmation to ...
Prices are already in the supply zone and there is a divergence between prices and RSI
Open short positions if the price moves below the daily pivot:
-TP 1 first daily support
-TP 2 second daily support
-SL can be placed on the last swing high or a few points above the pivot.
-Wait for confirmation to open a position
XAU/USD (GOLD) is about to make a crucial decision.
If the yearly support trend-line is broken, then I will loose all my faith in this precious metal until $1100.
However, it it manages to bounce in a corrective manner, then I will be happy to look at it with moist eyes later on.
GOLD bulls seem to be taking over, as shown by the bullish engulfing candle and increase in buying momentum. We also have confirmation of the trend line and bottom of the pitchfork area acting as support. Best target looks to be the bottom of the channel that gold broke out of before, which might act as resistance.