Gold has taken off! Will it continue? It has broke out on good volume. Reverting back to to the averages again, if price holds support, my short term upside target is around 1630. If MACD turns around near zero it would help in propelling the price of gold to that next level. Look for confirmation of support and averages holding! Downside target would be around...
COMEX:GC1!
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Gold is...
With a bull run well underway, we remain positioned heavily long from the break of the last corrective leg.
- Sensitivities remain positioned to the upside from here and a last extension into sellside liquidity around $1,750 - $1,800.
- Earnings season may provide final catalyst for supportive bids and buyside demand from here
We've continued to add buyside...
TLDR: Lots of TA pointing to the downside here, with the least bearish scenario getting us to about $1,400. Most bearish is a multi year move to $1,000
Just under two weeks ago I saw Gold Futures paint the highest three day volume of all time on COMEX with a red candle, and a few days after that I saw that it had also painted the highest weekly volume with...
Stop at $1540 and look for break $1600.
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We are experiencing a period in which, making analyses is not easy given that in the next months, episodes and waves of sentiment will dominate the markets.
However, yesterday giving an eye to the COT report, I just could not restrain myself from making some considerations, in particular on one of the most traded commodities, the gold.
From August until the end...
It just ran up and is chopping backwards looking for support. This is quite a bad area to trade in. Once it crosses the pitchfork median line it will make sense to look for price action that shows it is nearing a bottom.
The support/resistance region around 1520 or so will probably be a good area to shift back to a bullish intraday bias and maybe even swing...
If Gold breaks to the upside above the blue line, $1570 is on the cards for gold, which in itself is VERY bullish for gold testing $1600 again.
Take on gold mining positions if you want a geared position.
Price rejected from VPOC (1615) with good volume . If it is start of downtrend, price might break RED horizontal levels one by one.
Bearish levels = 1510 - 1385 - 1290 - 1210 - 1020 - 940.
Price rejected from VPOC (1615) with good volume. If it start of downtrend, price might break RED horizontal levels one by one.
Bearish levels = 1510 - 1385 - 1290 - 1210 - 1020 - 940.
Use this as a guide to develop your setup
Main items we can see on the Daily Chart:
-After the breakout of the Wedge pattern, we saw the beginning of the 5th wave of the impulsive movement
-Our main daily Target is 1640 / There we will close all our open positions on gold
-Currently, we think the price is on a consolidation zone
-The structure we are...
I have adapted my strategy slightly here.
This time my stop order is only 5 pips below my opening candlestick. My target is still rather conservative at 1%, but this will allow me to accumulate trades later and increase the overall profit from this original trade.
Target =1561.1
Entry =1551.8
Stop order = 1539.3
Divergence, and flag pattern in play. If flag holds, and Momentum comes back into Gold, nice upside intra-day play.
If you like my ideas, please follow and I will follow back.
Peace,
FireKnight
