The main structure on higher time frames is a rising wedge type of pattern. This forms the main framework of our bias. On the 4H and H1 we have a an ascending formation forming within an ascending which signals bullish momentum is fading and the bears are about to push the market to lower prices
Price has been in an ascending channel in the past weeks. However price failed to break past the June's previous high in its attempts to go for the third touch at the top of the structure. A break of the channel is looking imminent
There is a double top formation at the top of the structure which signals the market could be bearish in the upcoming weeks. We also have an ascending within an ascending and price has broken out of the channel on the 4H. We have been anticipating the big drop for weeks and market could be ready to tank. A more conservative entry with a tighter stop would be ideal...
Megaphone pattern on the monthly timeframe. If daily candle closes below 0.618 and the psychological level we could be looking for sells. If daily candle closes above we will be looking for buy positions. On the macro scale price could be looking to complete the 5th wave up top before the potential drop
As long as price closes below the 0.786 level sell bias is still intact. Price is at the 5th wave before the potential drop. Sell will only be taken if daily candle closes below the psychological
Bias remains bullish for Silver. Price is gravitating towards the 0.618 level and psychological level. Price has also broken through small descending channel further confluence for buy position
Long term bias remains bullish. There is a variation of the inverse head and shoulders pattern on the daily. Move projection coincides with a psychological level. Price break above the consolidation should trigger a buy stop.
Price could potentially go on small bullish run to reject the weekly 0.618 before the drop. A break on the consolidation block will trigger our sell stop. Price is also gravitated towards the daily key Fib levels below which builds confluence.
Daily structure looks bearish especially provided that the next 4H candle closes below the psychological level below. On the 1H 3 pin looks to be forming but we will have to look for the hourly close. Price also looks to be gravitating to key Fib levels. Price action should be much more clear after the 4H candle close
Price just bounced off a psychological level. The channel break has signalled a sell position and a break of the consolidation box will act as confluence. On the 4H there is a head and shoulders pattern that is potentially forming
Price is struggling to close above the 61.8 daily Fibonacci level and there is short term bearish momentum. However price has broken the 4H channel signalling a buy position. A daily close above the 61.8 level will acts as confluence for a buy
Price is currently in a bearish/descending channel. With price also at a key psychological level and at 61.8 we should expect price to retrace given that price breaks the consolidation box before the drop
Currently in a sell position. Second entry is still valid if price closes below the psychological level. Price broke the ascending channel which gave out the first sell signal. On the 1H I identified a small consolidation area which should trigger another sell stop if price breaks that area
A daily close above the 1706.750 psychological level will trigger a buy signal. The strong rejection on the daily support trendline shows Gold still has strong bullish momentum. The 4H and 1H will be used to refine our entry. A break of the descending channel will trigger a buy stop. First TP will be at the 1740 and potentially 1800 level
Price successfully rejected the 61.8 level on the daily timeframe which informed our bias for a sell position. Price also rejected our key psychological level with 3 point pin confirming the sell signal on the 1H.
