Not quite high enough for me for an intra day short play but perhaps a dip will present itself as a buy. Follow the wicks and Friday's daily chart left a nice one. I'd like to take a long play, if things line up, within that wick range (82-90). Things seem a bit shaky in the world.
Gold stalled today and ended the day just above the BB Midpoint. Today's hammer is a bullish candlestick so while price is still under the 6 and 8 day MAs and the stoch RSI is moving down, I want to see confirmation on Monday as to the direction of Gold's next move.
Also note that the hammer shows rejection of the range below as shown on this chart: This is also...
Hi All,
I've been refining my charts since my last post. Here's the new chart layout:
Red Bollinger Band with standard 2.0 STD and 20 day midline.
8 period MA - yellow line - *new
6 period MA - purple cross - *new
Closing Price pushed out 5 days - *new
On Tuesday, Gold closed at the 8 day MA, having cracked the 6 day MA. Then on Wednesday, Gold broke...
Expecting a small bounce off support then continuation later. There is a 5Y seasonal bearish window and interest rates are going to increase. Overall it is an extended counter trend rally that did not consolidate in order to go higher.
I've been watching the 38.2% retracement of the previous impulse leg as a potential reversal point ( daily chart ). There is a possible AB=CD extension pattern in the hourly. Also, harmonic swing gets near that extension and within the support area from Jan 13th. Entered a short position at 1198.4 with a PT1: 1192.7 PT2: 1188.6, SL: 1202.8
The Gold uptrend train is experiencing some pressure. Running into resistance (old support), a double top cluster, and now a channel break. I think the high quality trades would be to trade this downward channel. All eyes on the dollar for some insight/clues.
Daily Supply Zone on top of zone. Price reacted nicely off the lower zone. Estimating that a little reaction will occur off the higher zone above marked "Sell Zone"
As expected, GC didn't break through 1220 and went down to 1200 range and fell into the blue box support range. It's likely to to test 1188 directly or went up from 1200-1210 and test down to the next support again.
Running into the red line of resistance, which was old support, has caused gold to take a pause forming these double top clusters. Prices have sneaked back down to the lower trend channel line which I view as a shot to take a long. Time will tell if it holds.
Gold: a picture perfect uptrend. Breaking it down on a micro view it's semi caught by this red line which is old support. I'd look to buy dips, in particular near the lower channel lines. We'll have to wait and see if this area is able to turn the uptrend into a rounding type top.
This is only a trading capability - no recommendation !!!
Buying/Selling or even only watching is always your own responsibility ...
.zip (with PDF`s) @ my Google Drive
4XSetUps for next wee - friday close (32 Commodities)
drive.google.com
Best regards :)
Aaron
