We have a rising wedge in an uptrend which signals a reversal. We are also seeing a bearish divergence on the Stochastic(14,3,3).
16.00 to 17.00 is a good range to go long when price hits that area, but we will need confirmation.
Why? Just below is a trendline that has four (4) touches already, so we want to be sure the momentum is with the bulls before going...
We are presently in a channel, two touches down and two touches up. Price appears to be heading back to the bottom of the channel.
Stochastic(14,3,3) has left overbought. Price, 34EMA and 55EMA are all below the 200SMA. It is also important to point out that the 34EMA is below the 55EMA.
What this means is that when price hits 6.07 or thereabout, we would need...
My view on Gold is BULLISH.
Looking at the Monthly chart, I have marked out six key areas.
If price fails to break zone 2, I will go SHORT. I will take profit and go LONG once price hits zone 1.
I will probably add to my LONG position when price retraces to zone 2.
I could also add to my positions (smaller sizes) on the 4H time frame.
That's my view on GOLD....
The inverted head and shoulder pattern is almost complete.
A conservative approach is to wait for price to break the neckline and enter on the retest of the neckline.
I am trading aggressively and I have gone long.
I would love to go short right away but I will wait for a pullback in price to the 50% mark of the large bearish candle before going short.
I am aware there is the possibility that the pull back never happens. If that is the case, I will wait for another opportunity to go short.
Sell limit order: 1.70960 / 1.70965
TP 1: 1.63998
TP 2: 1.56740
If price fails to break below the support zone below, I will wait for price to break above the trend line. When this happens, I will go long on the retest of the trend line.
Stop Loss below: 75.349
Take Profit 1: 76.343
Take Profit 1: 77.862
Earlier price made a lower low but the RSI(14) made a higher low, showing a bullish divergence. Price rallied up briefly but couldn't break past 18.40. Now it is bounced off the 52W Low. I expect price retest the most recent low of 7.04 or get close to it. When that happens, that would present a good long opportunity. We might see some side-upward...