Gold futures have retraced .618 to 1915.71 from the high on the daily chart, and is attempting a reversal from a daily double bottom. Oversold on the daily RSI(9). It also sits on a key Gann confluence area (the circle) at 1921.50.
Must hold here, or else risk falling lower in a low volume area to 1894.6 (low volume node).
I expect upside in the near future,...
Hello friends, I hope you are having a productive week.
I would like to share my ideas on the Elliott Wave Principle with you.
Please refer to the attached chart for more information. If you are interested, you can also check out my previous analysis.
I want to mention that my understanding of this principle is based on my personal experience and I am still...
Gold upcoming week with ultra volatile event awaiting Powell's Jackson Hole speech we can expect some bounce towards 7DMA and 14DMA Resistance points (check daily chart)
among other 4h observations using our technical analysis
Falling wedge intact with 50SMA being very strong resistance point.
Sell on rise advised as Powell's speech could also...
The price of gold is currently experiencing a notable downward trend, aligning with our initial predictions. Anticipating further declines, we foresee the price dropping below the support level of $19 000. This descent could lead to the formation of the low point for the orange wave iii. However, we maintain a 25% probability of a potential upward movement. In an...
I know it's mid-August, but it indeed feels like Ground Hog Day with Precious Metals trapped on a merry-go-round of negativity where stronger economic data in the U.S. reaffirms the Fed's "higher for longer" theme that strengthens the U.S. Dollar and pushes yields higher. Then in the overnight sessions, we get a series of weak Asian data where calls for China to...
Fibonacci extension tool is showing a 1.41 level inside of a 4 hr demand zone. We also have a measured move on the previous down leg. I suggest to watch this level and not just buy it at this level. Let's see if we get a reaction off the level that we can work with and THEN go through our process to take the trade long.
pointed out the lower level and lower level and both LH AND HL. So, for now, am waiting to see the market reaction if it will make another shoulder in completion of head and shoulders formation. After so month it should break down and for an entry level we wait for retest towards the LH.
A VERY EASY TO UNDERSTAND #GOLD CHART.
IT WILL BE VERY CLEAR WHEN THE NEXT PARADIGM SHIFT BREAKOUT OCCURS.
DO NOT FORCE IT.
nothing to do until this turns up
EPIC breakouts you should seek
Gold
Shorts
Daily
We see more upside in the coming weeks but for now we are on the short side of holding our short entries for lower banded target and price action. September gives good stats for the next direction for GC.
Gold down from crucial resistance and now hovering at support will face heavy volatility during FOMC Minutes Release of July Meet, Keep watch on 1934 Resistance and 1905 Support levels
Inverse Cup and Handle seems to be forming on the daily chart for gold.
This does not give safe-haven vibes. Unless it's for a short.
If the price breaks below the brim level (support), we could see downside to come for the metal.
Other indicators confirm downside.
21>7
We just need the price to break below 200MA and it's all down from here.
RSI<50
Target...
Gold prices stalled on Wednesday, a day after breaching the key $1,900 support level for the first time in 1-1/2 months as U.S. Treasury yields were boosted on expectations the Federal Reserve is not yet finished with its rapid monetary tightening cycle. I am expecting the price is going higher in a short period.
I see an interesting multilevel on the Gold next week. We are at the high volume node bottom that created a support. This support is on the 50% Fibonacci retracement. Last 61,8% support hold therefore I assume that Fibo is being resepcted on this market. MACD created a divergence on the 4hrs chart. 50 and 200 Weekly SMA support. If breaks down go short, if...
