Hi Freedom Traders,
a nice opportunity to sell gold here. 2 patterns give us a trading advantage...
Of course, only when it fits your trading plan...
Happy Trading!
Rally on in Gold. I'm not willing to sell until 1235-1240. Nicely following this upward channel at the moment. Any dip near the bottom channel line will likely be a buy.
Gold rose higher today after shaking off a selling spree after the NFP numbers were released. Prices fell right to the 6 day moving average before buyers stepped in and gold prices rallied. Prices continued to move higher right up to the closing bell and the action stopped @ 1221.6. Let's see what happens next week but if price can finally break through the 1221...
GC has been oscillate btw 1200-1220. Recent two day's rally is largely due to FOMC remained interest rates constant and that drives Gold higher + the uncertainty that Trump will bring on H1B policy. Expect to see GC back to 1205-1210 again in couple few days.
Bullish recovery in Gold so far on the week. Price was able to get back up to the double top cluster area where we now have a potential triple top in play. Non farm # today should help determine if that triple top holds or not. Buying a dip looks to be the most attractive play at the moment.
Gold pushed up past the 1220 resistance level for the 3rd time since the start of the year, only to be met with strong resistance and falling back under 1220 to be within the range from 1182 - 1220. While I am still long, the upper wick on today's candle is not the most encouraging for the bulls.
On the bullish side, price is still above the 6, 8 and 21 day...
Gold started the day with a big selloff but then recovered after the FOMC and Janet Yellen announced that they would not be raising interest rates at this time. Gold is now attempting to break out of a potential triple top at $1220. If Gold can break through, then the first target would be 1241.7, the .618 fib extention from the bull run that started at the end of...
Strong wick formed during Wednesday's trade. The momentum is clearly to the upside. I suspect there will be some resistance as prices move back into the double top cluster area. A short in the 1220-1225 range might be a decent play but overall I wouldn't bet on the area holding as I don't trust triple tops/bottoms.
Following a possible cypher pattern in the hourly. Gold bounced from 1180 and reversed with strength. Expecting a bullish movement next week. Lets see if it completes.
Gold back near the zone where the double top resistance clusters formed. Might be an asteroid belt of some sort but triple tops/bottoms are generally a 50/50 bet. Momentum is to upside w/ trendline area as support. A short in the upper percentile of the cluster area might be worth a shot.
Been doing all evening and half way into the night so will fill this out with details and sources/references tomorrow, but wanted to publish so I can send link to friends.... Stay Tuned.
(If you see mistakes - Even Spelling, please comment)
Gold rose ~15 points today and broke through the 6 and 8 day moving average. It also broke through the trend line starting back on election night, Nov 8. Price also failed to break below the mid line of the Bollinger Band. The next resistance level is at 1220 so let's see if Gold can move up and past it.
Look at the Heikin Ashi chart below. 2 days ago there was a...
