Price is in a clean uptrend and currently forming an expanding flag pattern. This pattern will be complete giving us either a double bottom or a false break lower. In any case we'll be looking for a break of structure on lower timeframes before looking for buying opportunities. I will update this idea once price enters the area of interest.
Price is in a healthy uptrend and has broken a monthly trendline, which if it isn't a false break we might see price push higher. The last swing high that was taken out could offer support in addition to the 61.8 fib. The corrective structure is yet to complete. I anticipate a new low in the small corrective structure before looking for potential buy opportunities.
When we look at the longer term trend, we can clearly see Gold is in a bullish state. The current corrective structure is either nearing its end or we might see a downtrend starting. My overall sentiment is still bullish however...if we look at the MACD we can see that there is clearly no divergence suggesting we might get another push to the downside so look for...
Nested corrective structures forming a larger contracting structure. Looking for entries on lower timeframes at 4, C, C
Look for entries near 13654
Invalidation point: 13319
Long term target 1: 14430
Long term target 2: 14922
We could expect a breakout from the triangle pattern shown here. We have already seen a bullish impulse move that took out previous structure highs. Upon completion of the pullback we could see a longer term bullish move with corrections. We can also see a head and shoulders structure forming which upon confirmation we could see a strong rally.
AUDNZD completed a five wave structure breaking a daily support trendline. It is now finding support at a flipzone which could well be a reset that continues the bearish trend. I would have three positions scaling out at the marked fib levels.
A head and shoulders reversal pattern has completed with massive momentum to the downside. The correction is near completion and I'll be looking for a low risk sell at the marked zone. Bets off if 88.6 is broken and first target at 0.
A clear break of structure lows and the neckline of the H&S pattern gives us good reason to look for short entries here. Ideally seeing price react between the 50% and 61.8% fib area would give a low risk short play.