The gold price has broken the upper descending trendline, indicating strong bullish momentum. A contra of my previous forecasting on gold. I am not surprised as CHINA has answered back with a heavy retaliation against President Trump on its tariff hike, which has pushed the price of gold higher. This theory has its confluence with the past price history of...
Gold is forming a descending wedge chart pattern from my point of view, which could indicate a strong bullish momentum. However, this chart pattern is only valid when it has complete the wedge pattern. At this moment I am expecting the price to keep going south. Below, is my marking for support level on different time frames. RED line - Monthly YELLOW -...
Please refer to my post on 5th of April as I forecasted that dollar will likely breakout from its ascending wedge
This is a second scenario for GOLD, following my earlier post on Daily TF. First post - head and shoulders chart pattern Second post - Forming cup and handle
Gold have form a head and shoulders chart pattern. Indicating a stronger bearish trend. And, price have almost touch critical area, or neckline. A break below 1281 will confirm a strong sell. However, the behaviour of gold always like to send a false signal; false breakout.
I am looking at a Monthly chart for FBMKLCI,- showing a strong repetition on the past history of Double Top Chart Pattern from 1994-1997 and now forming another Double Top Chart Pattern 2014-2018.
Let's see if this bull flag holds and continue to push the price further north
Price continues to push to the upside with a strong signal of BULL FLAG
Now, let's move to a lower timeframe. Price shows strong support as I mentioned earlier in my previous post. A double bottom chart pattern shows a strong rebound to the upside
The chart shows strong support at the neckline of the weekly chart
As i posted yesterday on this chart. DXY has broken the 4h tf trendline and hovering above support. DXY have inverse correlation with EURUSD. Here are the scenarios: 1. A potential push to the downside 2. A strong pullback to the trendline before price going south 3. Or the short positioning will be invalid if theres a strong bullish candle Lets wait and see
DXY weekly chart shows strong momentum to the upside with the bullish trendline remain intact. The weekly chart has created a few Lower Highs pushing Dollar further north. There is a strong possibility that Dollar could make a breakout next week with not much of a movement after NFP announcement earlier. Let's wait and see.
Price gracefully touched 1281 as I posted previously. There is no clear direction yet with the price hovering on a steady base at neckline. I am monitoring Dollar index closely to get a clear sentiment of DXY.
I am zooming in further in Daily TF, to get clarity on key Support & Resistance level. Previous Candle stick shows a strong rejection bar, giving a strong signal for declining supply to the downside. However, I am still sceptical and alert at the neckline support.
Gold price is hovering at strong neckline above 1280. I am waiting for a reversal signal to the upside for a strong confirmation for buy. breakout below 1280 and pullback for a confirmation sell.