GOLD is not correct down to 1260-1280 zone but it looks li like its going to test 1300 soon.
1350 is following after that .
The small blue channel is the current trend for it to go. Once the blue small channel is broken , we will talk about 1260-1280 support zone again.
So our signal triggered last week is still valid and hopefully target 1 will be hit soon in the ...
Gold prices have been drifting sideways since last several trading sessions, potentially in a triangle structure. It is seen to be trading at $1289/90 levels, possibly terminating into the final leg of the triangle consolidation at a lower degree. Triangle consolidations normally precedes the final thrust movement on either side and if the above structure remains ...
Traders, today we have XAU/USD on the daily chart with a valid bearish bat pattern.
The measurements for a valid bat pattern are detailed below.
B: 0.382 - 0.50
C: 0.382 - 0.886
D: 1.618 - 2.618
XA Retracement: 0.886
Price has yet to confirm the PRZ which consists of a 1.618 AB=CD, 2.618/3.14 BC and 0.886 XA retracement.
Once the final 0.886 measurement ...
ASX is approaching our first resistance at 5838 (100% fibonacci extension, 78.6% fibonacci retracement) and a strong drop might occur below this level pushing price down to our major support at 5601 (50% fibonacci retracement, 61.8% fibonacci extension).
Stochastic (34,5,3) is also approaching resistance and we might see a corresponding drop in price should it ...
Seemingly there is another fading short setup coming up. The chart is self-explanatory, the levels are given and for now the only thing left to do is wait until the major bear angle is reached and look for an entry with a price action confirmation.
Updated View On Crude Oil (16 Jan 2019)
It has reached $51.5 level as we expected.
We are still in the bullish mode but some potential pullback along the way.
I see $49 is a good swing support level. Be patient.
LONG (entry is valid as long as the price is above $45)
TP1 $51.5 (Hit)
Crude oil could be nearing the end of a corrective B wave.
Price just touched the 0.5 extension at 52,51 for what could be wave 5 of C of B but could also touch the 0.618 extension at 52,70.
A drop below 51,31 would go some way to validating this idea as it rules out what could be an impulsive 5 move upwards.
At the time of preparing this report, gold is trading at around $1286 while white metal is hovering around 15.56. In the early-afternoon Tuesday, we have seen weaken gold and silver prices due to the strength we have witnessed in equity market. minor Turnaround in the greenback has also contributed to the slight decline in precious metal sector prices
I am short on GOLD since it hit 1294. It encountered a heavy structure RESISTANCE (green area). It couldn't even reach a psychological level of 1300$.
From a technical perspective we have a:
1) Bearish Butterfly Harmonic Pattern and a traingle formed on top of it
2) Price action is breaking through 50 SMA
3) Bearish MACD, heading to break 0 level