Hello Guys! Let's GOLD these markets.
My view point on gold is that it will drop before going up
- Double top and false breakout are seen however when entering look at the price action carefully when entering.
- There is an unfilled order which I expect price to come down and from there price could potentially move up or down
- I see it taking the...
GOLD History Repeats Itself? it explains a lot! That's question will we do that again?
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Trade Suggestion:
Price could possibly continue its downtrend after breaking out of its bearish pennant.
There could be short-term targets of 1675-1670 where local demand is set on the H4 Timeframe.
DXY Us Dollar index is showing USD strength which also indicates another confluence to Gold's weakness.
Technical Analysis:
Price has broken out of of...
Gold is currently consolidating in the highlighted area before it plummets through the earth.. there is divergence across all time frames, and a lot of price rejection.
Gold usually follows the same patterns as oil so we can expect to see price reach an all time low ;)
Just wait to see if price breaks 1670.00 - then ride it all the way to the bottom
We have Bearish and divergence! But we may see another rally in beginning of the week. This BEARISH pattern implies, that we must be looking for beginning of a Crash. In Short term, we might have first 5 wave decline. So another rally wave might be in play, wave up to 1730/40 then massive crash with the bearish Pattern playing out.
Sp500 just started dropping...
GOLD tested 1710 level on Friday, but did a good recovery from there. According to me, it is bullish for next week to and will definitely hit above 1750 will break 1740 resistance definitely, but after testing 1720-22can be in 1715-1725 range for tomorrow. GOOD BUYING REGION!!
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This is a massive Bearish pattern. Gold can rally higher from here to 1740 ( we have stop at 1750) or it can break from here. But there is nothing Bullish about this, Banks positions are 90% long on Gold, as also retail traders who believe all news out there of gold rallying to 2000, 3000 this year which will make gold do a massive dump to margin call all this...
1680 is so important for sell trend , if breaks 1680 from fibonacci circle then target will be low trendline...Follow my arrows and key levels
If cant break 1680 Gold will have target 1705 , you can use this analysis for new week opening
I will make updates under the analysis according to the development of the candles, stay tuned
Please like for supporting ...
The 38.2% retracement of the move up from April 1 comes in at $1680.92. I'm still holding my long positions. Looking to add more at this level. Sellers looking to take control and drag the price down to this level. Bears looking to test this level. Bull trying to buy this level.
