The 4-hour chart starting to confirm the analysis conducted in the higher time frames
I now observe the price action of the weekly and assess the next possible move, we slowly building a picture. Next i will do the daily time frame
I am showing you my process of working through a chart that could help you I will post charts to show the thought process Firstly the monthly chart, currently has seen a top when we broke above the previous high, why because the market was divergent and thats why now unless break is explosive and corrects that divergence the gold will struggle to get to much higher
Once you have accessed the higher time frames then drill down into the lower time frames to find trades in the contaxt of: - 1. continuation, pullback and buy again 2. ending and looking for trade set up to buy-sell 3. consolidation
To access the value of an asset class for context always look at your higher time frames to where you are in the structure of the move before moving to lower time frames for the trades.
Gold has had its 50% retrace, and has cleared key fibs. Targeting 2200 by year end. In cycle. Possible pullback in summer and ramp up in fall.
This has met long entry level which is the left side of the cup. Stop where you see support, No recommendation. T1 has been met.
Gold giving multiyear breakout with good volume and after forming cup and handle pattern. Time to aggregate gold..
Target 2 is already choosing upside to $2,004 Larger Cup and Handle has formed. RSI >50 >70 Uptrend Now there are a few reasons why the gold price is heading up in January 2023 US Dollar Weakness First we are starting to see a but of U.S. dollar weakness. As the US Dollar weakens, more investors move money into higher-yielding assets, which can lead to a rise in...
Weekly Kickoff levels are longer timeframe levels where we believe longer time traders will adjust inventories.
GOLD FUTURES The rise of very strong gold has also penetrated the bite of strong resistance and the shape of new peaks and is likely to return to the highest peaks that are considered targets
in the begining of this years and under some reasons gold making a big move and that surprise most traders , the weakning of the usd and the ukranian russian war and much move explain why gold going to reach higher prices time to time, any correctiong will be made will be small compare of the buy rally s
Gold is overbought on the daily but it has gone further into overbought in the past. Just something to watch.
Gold is nearing strong resistance. Wait until the price is rejected, it will probably try to break the resistance more than once, but I don't think it will before a correction towards channel support.
if you guys want to buy the upper bollinger band, be my guest. From my experience, buying above the upper band and selling below the lower band are both mistakes. Also, we see a clear divergence in the RSI (RSI is not confirming this bull move)
Waiting balance trade on volume base area. If these zones hold and make small balance, i will trade those zones.