As I mentioned yesterday, 1321~1323 is very important resistance area that you can't miss it.
Therefore, gold stress by long position offset and pullback to 1314 after Euro market open.
In US market's view, if u didn't short gold last trading day, try short it around at 1317 for targeting to 1314~1311.
my two cents on XAUUSD please feel free to guide help or give your thoughts.
scenario one we create a slightly larger flag and continue to the downside possible.
Probable we could correctively move down below the previous bottom and then a move...
gold broke the support area 1277/1285$ with a strong momentum, compare the down moves bars and percentage with the up moves and you will notice that gold go lower with strong momentum in less bars comparing with the up moves.
I expect this move will target 1250$
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...
as you can see the bullish trend has now been broken and we are looking for a sell towards the 1285.000 level.
price as always will pull back and retest, so once we see price hit 1285.000 my next set up will be looking for a pullback into the zonal highlighted box to look for a potential buy.
it is a well known fact that if the economy is performing poorly then...
Watching Gold closely this week waiting for bearish price action off the downtrend or a close below 1280 with bearish price action.
If Price fails to come back up and re test the previous downtrend wait for a close below 1280 before entering short.
If Price comes backs up wait for bearish price action to send us short preferably a bearish engulfing...
Gold and Silver prices are hanging around the same levels from quite a bit of time. At the time of writing this report gold is trading at $1290 per ounce while the white metal is hovering around $15 but we believe things could turn around in a drastic manner and if you don't enter soon it's very probable that you won't be able to take profit from the upcoming...
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Making 10% on a $100 account is no comparison to 5% or just 2% on a $100k account.
Profitable trading is about making a POSITIVE return in a specific period of time. Then, find a source to increase your capital...