My favorite day of the week is coming.
Gold has been breaking upwards due to huge retailers shorting the Gold. Now, 3 upside wave are completed and met with a daily resistance. I am expecting a retest from previous breakup before heading up. Or maybe breaking down.
Daily and 4H chart pattern is ascending triangle. Wait for 4H bearish break for confirmation to enter.
Watch the blue boxes as target and reaction, if there is no bullish candle, keep shorting.
I am expecting to go below 1700 area.
This is a tricky trade to take. Base on PA, price need to go down for completing the wave for correction to be around 1742. Today until mid next week is pretty important.
Enter Long around 1745 to aim higher.
It has been more than a month that price action remains capped. No buyers are interested in this pricing. I was expecting a quick dip so that there is a recovery by early next week.
Looks like gold will go down slowly around ~1600 area before buyers are back. I have one short swing position right now. SL around 1735. I am targeting low 1600 area. This need...
Previous week GU has weekly bullish engulfing, which will be overshadowed by bearish hangman close this week unfortunately. In order for bullish to continue next month, it has to close above the white dash line in order to have monthly bullish close (above 1.3350)
For now, I am slightly neutral to this, added with uncertainty in Brexit deals which makes it super volatile.
To maintain "neutral" weekly close. EU has to close above the white dashed-line and yellow fib line (approx 1.1315 and above) today. This is to negate bearish perception for this week.
I am remained bullish for EU (and GU for that matter) Big picture it is still showing bullish flag and it is supported.