SCHeroFX

SCHeroFX Updated 

Looks like the price is forming a "M" pattern with the double top @ 1753. If the price could break below the neckline of 1744/41, then high chances it may attept to lower support at 1736/34 again. Likewise, if 1744/40 is holding strongly then we could expect nother bounce to higher level of 1762/68. Keep an eye on the support and see what price action it react to...

SCHeroFX

Second target was achieved at 1732. Now the price looks oversold for most TF and the price could either retrace from here or stretch further down to 1725 / 1713 before pushing up again. Best is to wait for confirmation to take long.

SCHeroFX

The first target hit at 1752. Let's see how it goes, gold is currently moving in the descending channel.

SCHeroFX Updated 

Gold breakout the ascending channel, potentially short the market down to 1775/70 and below that 1756. If the price retest and break into the channel again will invalidate the idea as the price could continue the rising momentum with a target of 1810.

SCHeroFX

Gold plays well within the channel and respected the level. So now expect some pullback towards 1725-1720 level or potentially 1716-1710 before continuing for another leg up if that support holds.

SCHeroFX Updated 

As you can see the H1 chart is forming an Adam & Eve pattern which signals a bullish reversal pattern. Ideally, if the price could break 1721/23, then the next target for the upside would be around 1743/52. Breaking above and we could see the price push to 1768/1772 if the bullish momentum persists.

SCHeroFX Updated 

Today CPI would determine the next move of Gold and the market is expected to be volatile, Spotted an opportunity to long gold as the price is finally managed to break out of the descending channel. With an additional confirmation on the double bottom formation. Ideal target if CPI data is released in favor of Gold is 1768/1772. Advise to secure profit level to...

SCHeroFX

After the release of CPI, Dollar formed a double top , and before this formed an Adam & Eve pattern which indicates a bearish reversal trend. another confirmation would be the trendline breakout. Dollar is going to tank which could benefit Gold in the near term.

SCHeroFX

After a deep fall to 1863.50 and we could probably see some retracement of the price into 1785. We got FOMC tomorrow and based on the weekly chart revealed that gold is bearish. If this week the price couldn't move and close above 1832 then we could probably see a deeper correction ahead. Please note that breaking and closing below the support of 1863 will...

SCHeroFX

If gold finds support around 1832/33 or below that 1819/15, which could represent an opportunity to long the market up to 1862/66. Breaking above this resistance and we could we 1880/84.

SCHeroFX Updated 

If the trendline holds as support then we could probably see gold making a higher high to attempt 1880/83. However, we see yield and dollar rising sharply today and if the momentum persists in the following session, gold may push down to 1835/30 and below 1825/20.

SCHeroFX Updated 

Now gold is ranging within the symmetrical triangle. Breakout to the above and we could probably see gold push up to 1872 / 1875. To the downside would send gold to 1839.

SCHeroFX Updated 

If gold could breakout the descending channel and it is highly likely to send gold up to 1850/54, failing which, it may continue to fall.

SCHeroFX Updated 

Breakout of 1855, could send gold up to 1865/68 and 1884/86, likewise, if this resistance holds, then gold may get pushed down to retest 1830, and breaking that could send gold down to lower support, wait for the breakout to determine the upside or downside move.

SCHeroFX Updated 

Next possible move is either gold to retest the trendline of 1893 and find support then it may send gold up to 1919 - 1925 again. Likewise breaking below the trendline may send gold down all the way back to 1850 and below that 1831.

SCHeroFX Updated 

Gold next potential move is to push up to 1900/1905 level , breaking this trendline and could possibly send gold to the higher resistance of 1919 - 1925 again.

SCHeroFX Updated 

Gold if breaking above 1895 and we could see gold push back to 1920 - 1925, likewise if gold finds resistance around the resistance of 1895 and it may continue to fall to a lower level of support in 1868. Ideally, gold needs some retracement before it could push to lower support, let's see how it plays out and which direction it picks.

SCHeroFX

Gold could potentially retrace from here and ideally if it got resisted at around 1934/38, then it could form an H&S and move down again towards 1890/92 again. Breaking above the resistance level will invalidate the idea.