Our previous analysis was long gold but as mentioned earlier we were waiting for a short movement and we will be holding this trade and open more positions for the next few trading days including next week targeting down to 1180 areas and below
Received a lot of messages from followers that liked the tactics and fast recovery from bad situation
with proper analysis and plan making on time.
But remember that there are millions of situations. This time it was easier because of current market conditions. Next time it may not be that...
Although I am in sell position:
There is a long signal generated based on BL4 transitions that gould should reach 1236.2 ( is target )
And breakout higher than that to generate new transition signal.
If gold reach 1236.2 and don't break it by 1$ then that would look bearish to me.
If gold reach...
we are approaching a key resistance level at the 1232.75 zone. A bearish divergence started at the end of Jan and is still happening. I believe after price reaches the 1232 area we will see a correction happen and a downtrend to the 1196 zone before continuing bullish again.
price keeps failing to break below the 112.28 zone which is a key support area. Another fail to break could allow long positions to be taken up to the 200ema(blue) once the 50ema(red) is broken or possibly even higher. There is a bullish divergence on both Momentum & MACD
Personal setup on XAUUSD
I have been long since the break of the median line in the daily channel around 1205 area. I will be holding for now targeting the 1250 levels if we see a break I will open another position targeting at least 1280.
Stop loss is already in profit so will let this trade playout over the week. I would not advice any new entries right now....
End of another month.
I hope that after reviewing your trading performance this month you can say you made it well .
New Month with new trades ahead.
I want to take time and play quick little game with you having a little rest.
Place your BET in comment section below - Will gold close Higher or Lower today than open price.
Lower - BEAR...
If USD Advance GBP Q/Q is positive ill be looking to enter gold long with a 150pip TP and 40 pip SL depending on my entry. Also Momentum and MACD both made a higher low where as market price made a lower low.
3 options for this.
a short position can be taken on a break and close below the 1200 zone which would open up the bottom and create a nice short position for 100-150 pips if not more.
a long can be taken after a break and close above the 1205.5 zone. This would open up the window to retest yesterday high. As well DXY looks to be pulling back up on the daily to...
Sell below 1200.00. Stop loss at 1246.00. Take profit at 1040.00.
Reason for the trading strategy:
We remain bearish looking to sell on strength at 1200 resistance (Fibonacci retracement, horizontal pullback resistance) for a further drop to 1040 support (Fibonacci retracement, major horizontal pullback support, recent swing low support).
RSI (34) is seeing...