SCHeroFX

SCHeroFX Updated 

Based on the daily chart, gold is approaching the strong supply zone of 1868 ~1880. A hidden bearish divergence appeal on daily RSI and could be a bearish reversal sign. So now we have to see how low is the pullback with the immediate support level below 1856/52, 1844/40, and 1831/26. However, if gold wants to swoop for more liquidity and it might continue to rise...

SCHeroFX Updated 

So far gold has moved as per the path illustrated, breakout and retest are done. So today have to focus on whether the 1862 break below or 1880 break above. Breaking below 1862 and we have the immediate target of 1854/52 and below that 1844/40. On the hand, if breaking above 1880 then the next potential target would be 1890 / 95. Some indicators are showing the...

SCHeroFX Updated 

Looks like a symmetrical triangle is forming. How to trade this pattern is to wait patiently for the breakout and it will usually reverse higher/lower on the other side. Scenario 1: The price breakout the symmetrical triangle to the upside around 1880 and find resistance then it will go down to 1854 as the first target. Scenario 2: The price breakout below 1869...

SCHeroFX Updated 

Gold is pushing up aggressively towards the 1900 level. As per the H4 chart, it looks like gold is trading a bearish rising wedge pattern and this could signal that a reversal is coming soon. The confirmation to trade this pattern is to get a breakout and retest of the support trendline which sits around 1884/80 to ascertain the reversal. However, breaking and...

SCHeroFX

Gold extended its gain aggressively and the price range is currently moving between 1850 - 1828. Based on the daily chart, it is forming a rising wedge which is also a bearish reversal pattern. Hence, the price has to stay below the resistance trendline and strong confirmation for the reversal to take place would be breaking the support trendline of 1822/20 with...

SCHeroFX Updated 

Gold gave a reaction and rejection from 1833 and down all the way to 1810, 230 pips rejection. What can we expect next is to wait for a trendline breakout and retest to confirm for the price to continue to go down with the potential target of 1802 / 1798 / 1792 / 1785. There is a gap left behind since yesterday that needs to be filled around the 1798.5 level....

SCHeroFX Updated 

Gold gets pushed up all the way from 1617 to 1804 which has also completed the "W" pattern around these levels or slightly above it in 1808. Now have to keep an eye on the breakout of the ascending channel around 1780 and once we get that confirmation and the TPs as illustrated could be the potential target that gold will likely attempt to in the long term.

SCHeroFX Updated 

Is gold going to reverse now? My view is there is room for it to go lower before we could really see the reversal as there is another rate hike decision coming in Nov & Dec. based on the daily chart, there are a few possible scenarios, 1st: gold forms a double bottom around 1616/1615 then start to bounce, then possible to touch 1722 (potential neckline for W...

SCHeroFX

Target completed for this analysis which was published on 5th Oct.

SCHeroFX Updated 

Is this going to happen? The retracement from 1615 to 1728 could be a short-term rally or is this the reversal? Hence, If gold manages to stay below 1746 then very likely it will go down again as illustrated. However, if the price manages to break and close above 1746 then likely it is a reversal to the upside. Therefore, we have to trade carefully from level to...

SCHeroFX

Boom, 1000 pips for this analysis. Patience pays the price.

SCHeroFX

Boom, 900 pips analysis posted on 5th Oct. Now have to observe the price action and the below support stands at 1635/28/23/16. Let's see if we could achieve the full target as illustrated.

SCHeroFX Updated 

Can see from the daily chart that gold is going to make an extreme move. Since 1680 has been tested so many times and I have a feeling that it will be breached this time since the market is so fundamentally driven at the moment. However, the monthly chart looks oversold. The level to keep an eye on is whether 1680 support can hold or not, else gold could suffer...

SCHeroFX Updated 

Gold could potentially go up again as long as the price is above 1654. Potential target 1674 / 1680 / 1687.

SCHeroFX

Gold is hovering around the descending channel trendline at the moment, and we have FOMC tonite. If the price manages to break 1681, the potential target to the upside would be 1695 / 1703. However, if FED remains hawkish to fight inflation, then gold could suffer more losses with the potential target of 1645 / 35.

SCHeroFX Updated 

Gold is still within the descending channel and could potentially attempt for lower support with the first target of 1694 - 1688. Breaking below and we could see gold to reach 1680/70 and below that 1665/55. Fed Powell speaks tomorrow and could move the market massively. On the flip side, if gold could break above 1720 then the higher resistance is 1728/30.

SCHeroFX Updated 

For a long-term plan, this is what it looks like. If 1783.5 hold as a strong resistance then gold is likely to go down to attempt the lower support again with the target level of 1764 / 1756 / 1735 / 1725 / 1711. However, FOMC is around the corner, the price action may swing and stretch to liquidate more position before continuing the fall. As long as the price...

SCHeroFX

All 3 target achieved and completed the downtrend move.