Last week (April 15, see chart below), we discussed the 'necessity' of Gold (XAUUSD) for a medium-term technical pull-back based on its 5-year Cycles:
As you can see, we did get indeed the expected rejection at the top on Friday and this week we have started with almost a -5% already. The 1D RSI Double Topped on overbought territory and now is on a Lower Low....
Symmetrical Triangle Pattern on Gold (XAU/USD) H1 Chart
A symmetrical triangle pattern has been identified on the H1 chart for Gold (XAU/USD). Here's a breakdown of its characteristics:
Description:
This pattern is formed by two converging trendlines, one drawn above the highs and another below the lows, with price action oscillating between them and creating a...
The price of gold has undergone a significant downward adjustment phase, dropping to around 2,362 USD in the Asian trading session. Negative comments from Federal Reserve officials have dampened the momentum of this precious metal's rise.
In the short term, the outlook for gold prices may continue to face challenges, especially as prices continue to rise and...
We can attempt to short XAGUSD from specified level as it break last HL , also there is bearish divergence indicate that it move downward.
SL , TP mention in chart.
I looked at the chart several times and watch different scenarios. on the weekend. on my last post mentioned that decline is more possible. we are having a corrective wave around 2300. and also gold past its strong support easily, and it could be a little strange. despite the news we have this week, I go by my chart step by step as usual.
Gold is having its moment right now and we can spot a peak happening today; this very same day, the 12-April 2024 session —let us see how it goes.
I hope you get to have a wonderful weekend, this is just a quick reminder and I'll let you go.
First, the main signal:
This is based on candlestick reading.
Today's session is ultra-bearish and leaves no room for...
Why You Should Be Careful With Gold!
Ascending Broadening Wedge Pattern!
Gold reached a critical juncture from a fundamental and technical perspective. The price went up for no good reason considering what the market was facing before but on the other hand, it is not reacting now that a second possible conflict between Iran-Israel is being discussed.
Now that...
Gold took out the sell side liquidity and price have been creating new lows now am expecting an engulfing candle closing this previous bullish candle for another massive drop to 2170
Am in on short on gold
JOIN AND ENJOY
Tell us what you think...........?
GOLD: The bearish pattern is confirmed again
A few days ago I warned of an "Ascending Wedge Pattern" in GOLD, which signaled the end of the bullish wave.
We all know that gold is manipulated, but given that the price failed to rise further despite the new conflict between Iran and Israel, this was raising the chances of a bigger bearish correction.
We should...
Based on the M30 chart analysis, we can see that the price has just bounced off our buy entry at 2296, which is an overlap support.
Our take profit will be at2326, which is a pullnack resistance level.
The stop loss will be placed at 2264, which is an overlap support level.
High Risk Investment Warning
Trading Forex/CFDs on margin carries a high level of...
Gold price which is considered as a safe haven, beginning the new week with red candles. if it wants to decline, movement toward the supportive fibo levels is possible.
Good morning, fellow traders! ☕️
Let's kick off the day with some insights on GOLD 📉.
The bearish trend has been holding strong since Friday, and I've identified two key zones for potential SELL opportunities.
Looking at various time frames, the overall trend appears to favor the bears 🐻, indicating a potential downward movement for the week. It seems like...
