If everything goes smooth the price should hit several resistance hagopians by the end of the day. High probability of bouncing down once in the green circle after a bit of turbulence. Keeping an eye on your trade until the orange hagopian breaks is advised.
Two mayor resistance lines broke just in last few days, 1130 and 1180 + first hagopian which won't go without effect on the long term gold price. If the price goes above second hagopian, then the technical side is pretty much completed for the long term bullish trend.
Next significant level would in that case be 1300.
When dollar index and XAU/USD fall together, bullish potential for gold increases.
Perfect spot to buy gold is in the blue circle where hagopian line and major support intersect, that is unless the hagopian breaks before 1130 is relatively reached.
Price action pierced the yesterday's support trendline and there could be a good position to sell in an hour or so.
I'm waiting for the price action to hit the new resistance trendline and slightly bounce down. That would be a confirmation for a new downtrend and I will go short.
Careful on major support level 120.4
A month ago when gold hit 1130 I bought (first green triangle) as explained in chart "Gold 1130 Support". The buy was long term (years).
This is a key support line as it's directly linked to a major divergence between XAU/USD and Dollar Index. That's exactly why the insane crash happened on 20th of July when gold dropped more than 70$ in just 30 seconds. It's not ...
We have a downtrend resistance line and Monday's resistance intersecting (blue circle) with price heading towards it.
If the price hits the blue circle, it's a good position to go short.
Follow the price action as it may bounce @ 1.104, 1.1016 and 1.101 and of course CPI later in the day.
We have a major support and Hagopian intersecting.
Ideal position to buy is in the blue circle, after a slight bounce.
However follow the price action through as this is currently a down trend.
Potential resistance 1.1079 and 1.1087
Take profit at 1.1096 or if you don't want to risk, 1.1079 is just as good.
This is a setup for the next Monday. Weekly or intraday (whatever you prefer)
Monday is pretty much free of fundamentals so expect technical aspects to decide Monday's outcome.
I have two areas of interest.
The one more likely is the blue circle where major support and Hagopian intersect.
As soon as the price hits the blue circle I will buy. The price needs ...
Just few steps from the major support/resistance.
Embrace for the lift-off lads. If you think this is a bullish trend, wait till the price goes through 1130, corrects back to 1130 and bounces up again.
SpaceX will be jealous.
Gold bounced @ uptrend-support again and is heading towards 1130. No trade position at this moment, just a follow up of past week's buy. It's not impossible to see the gold go way above 1130 in one shoot, but I think it's more likely to see it bounce back to uptrend-support line and then go straight through the next day.
We'll see. Either way, gold is in 3 week ...
We have an uptrend forming here. The price pierced the hagopian support (pink) but quickly retracted back, successfully forming a perfectly parallel uptrend.
If the blue bubble breaks, it's going to be an interesting time for gold. If you want to buy short-term here, wait for the price to hit the trend support line and bounce a bit.
Followup of my last chart. The price action was bullish today and now it depends on weather this Hagopian resistance breaks or not. If it breaks then I expect gold returning to 1130 soon (week or two).
Once above 1130 again, another major drop in price will be very, very unlikely.
As I've said many time, it is self evident that a one-minute candle which caused ...