check chart, looking for a juicy bounce. check impulse buys/longs + volume confirmation on shorter timeframes to open longs. Break of support to downside could signal a heavy fall.
Gold has finally broken below the neckline of an HnS which has been forming since the beginning of the year.
This is a clear sign of a bearish trend but we always avoid chasing after the trend whenever a breakout happens.
Instead, wait for the price to pull back and retest the breakout level (neckline) to see if there's any more demand left and if there's more...
XAUUSD
Gold breakout and present downward direction to market finally yesterday, thus we should continue doing short position.
In today's trading, better short at reversal horizon or around at 1280, and target 1275~1272 for short-term.
Support: 1275 / 1272
Resistance: 1280 / 1282
What is the trade here?
We are outguessing the end of a pullback within a pullback ... there is another leg down within this 4th wave in the sequence, with heavy resistance coming into play at 1325 the downside is wide open.
We have a window of opportunity with inflation softening and risk fading via Mueller to complete a pullback as far as 1255/1260..Tracking...
It's always tough to make a correct call ahead of FOMC meeting. Sometimes the FED is setting the direction, sometimes the next day all the currencies and metals are reversing.
This was the case yesterday too. All the gains of Wednesday were dusted yesterday.
Now gold's daily chart looks like a flag to me : it's just waiting for to break down.
It's still not...
XAUUSD is approaching our first support at 1283.93 (horizontal swing low support, 61.8% Fibonacci extension) where a strong bounce might occur above this level pushing price up to our major resistance at 1300.42 (61.8% Fibonacci retracement, 61.8% Fibonacci extension).
Stochastic is also approaching support where we might see a corresponding bounce in price....
Gold XAUUSD sell opportunities with monthly and weekly supply imbalances in control. A very strong monthly supply level around $1310 has gained control a few weeks together with a smaller but stronger supply imbalance on the weekly timeframe around $1336. As explained in previous long term analysis on GOLD XAUUSD, no longs are allowed in this precious metal when a...
1. Head and Shoulders pattern emerging
2. Top looks like the tops in 2016 and early 2018
3. Fits long-term wedge
4. I have extended lines for a perfect EW (5=1, 3 longest)
5. Equity risk-on supports move.
6. Weakening AUD and ZAR are in line.
The only fly in the ointment is a weakening dollar, widely predicted although we haven't seem many signs of this. The...
XAUUSD is approaching our first support at 1283.93 (horizontal swing low support, 61.8% Fibonacci extension) where a strong bounce might occur above this level pushing price up to our major resistance at 1300.42 (61.8% Fibonacci retracement, 61.8% Fibonacci extension).
Stochastic is also approaching support where we might see a corresponding bounce in price....
XAUUSD is approaching our first support at 1283.93 (horizontal swing low support, 61.8% Fibonacci extension) where a strong bounce might occur to our first resistance at 1300.42 (61.8% Fibonacci extension, 61.8% Fibonacci retracement).
Stochastic is also approaching support where we might see a corresponding bounce in price.
Trading CFDs on margin carries high...
Overview for GOLD -
Price took an unexpected Decline last week, after a great start to the week, I feel we have a good chance to test the weekly lows before i can consider taking longs again. I have outlined my areas of value and will be interested in shorts round here. USDJPY is strong at the minute also, some correlation to think about!
XAUUSD is approaching our first resistance at 1307.84 (61.8% Fibonacci retracement , 61.8% Fibonacci extension ) where a strong drop might occur below this level pushing price down to our major support at 1299.42 (38.2% Fibonacci retracement , 61.8% Fibonacci extension ).
Stochastic (89,5,3) is also approaching resistance and seeing a bearish divergence where we...
Elliott Wave view suggests that Gold has ended cycle from August 16, 2018 low ($1160.37). The yellow metal is currently correcting that cycle as a zigzag Elliott Wave structure. Down from Feb 20, 2019 high, wave A ended at $1281.01 and wave B ended at $1324.38. The yellow metal still needs to break below wave A at $1281.01 to validate this view.
Wave C is in...
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