Following the bearish outlook, Prices from Friday created a false breakout that ha me looking higher, Mondays session produced a high and price has been continuing its bearish momentum and outlook and forming a key pattern on its way down, The magenta oulines on the chart outline the Head and shoulder pattern while the rectangular highlights show us the key...
Just a follow up on our Gold bias and outlook.
The bullish breakout from the HnS we traded earlier this week seems intact so long as we can begin getting more hourly closes above our first weekly level at 1517. Should prices fail to do that, this newly formed pattern on the m15 will see us back at 1492 handle.....trade safe.
Levels and live setups:...
Just a follow up on the previous post of the Gold charts H4 Invereted HnS pattern, price seems to have formed another inside pattern near the shoulder level of the H4 using it as a head for another pattern. We discuss the levels and trade bias for the day here:
Outlook on natural Gas, just a continuation of the downtrend thats been in place, looking for bearish momentum to continue in line with trading strategy we using for Natural gas and Oil( Brent and Crude)
Trading system and levels posted here:https://www.energyexch.com/showthread.php?p=12546443#post12546443
Bit of an update,
Levels and outlook posted here: www.metalsmine.com
London buying off of the immediate support zone, thats the next tick that supports the inverted HnS setup outlook, next we need to get some closes above the intra day levels patience needs to be exercised, any buying from here requires proper risk...
Just an update on the current structure of Gold following the analysis from last week
The Larger HnS pattern still in play, as we have seen price break lower on the D1 Support....The Right Shoulder of the larger structure also went on to be the head of another HnS pattern that has played out and Reached is target...
The outlook still remains bearish but wont rule...
Following the drop from the previous H4 handle, price has stagnated near a new level and seems to be setting itself up for a new move, either way the range is defined and outlook explained relative to our intra day levels over here:
Outlook on Crude for next couple of sessions.
Will look to sell rallies as when price challenges some pivots, Bit of an HnS pattern forming, Looking to see how price behaves around the moving average.
Intra day outlook and daily levels and charts posted here:
Visuals of where things stand at the moment.
The Yellow setup(inverse Head and Shoulders, has reached its target at the 1535 handle, now we are back looking at the bigger structure thats on the H4.
We have had other minor structures within the bigger structures and those either reached their targets or got invalidated with our trailing stops getting taken out at...
will look to sell with stops above weeks high/ the right shoulder of the bigger pattern give or take.... The pink highlights on the chart outline todays probable pattern, first sell target will be towards the m15200 and see how it reacts, before pushing lower....
his zoomed out view of the H1 chart shows the bigger pattern.
So while the h1 and h4 still offer specific short setup levels, the D1 support structure remains intact and till broken this is what it seems to be playing out, the h1 200 EMA thats been capping prices from going higher holds the key for further bullish continuation.....
Looking at the recent price action, in line with EW wave count from daily chart from December. Looking at price completing wave structure towards 1.18.
Intra day wise looking at price meeting some overhead resistance at the 1.15700-1.16100 handle, coming down and possibly testing previous resistance turned support around the 1.14800-1.1500 handle.
Possible GBPNZD short.
Falling trendline from may 2016 High acting as resistance on daily chart.
current price action trading in rejection areas based on previous price action.
First price target becomes 50% fib, also coincides with previous support.
Second target: Look to use rising trendline from October 2016 as support.
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