Gold has been in a corrective mode since early Sept 2019 , travelling within a descending channel.
Momentum appears to be contained to the downside , with the MACD averages located beneath the neutral line.
IF so, then enter for short
1. Enter - around 1480.
2. Stop - above recent swing high of 1514
3. Target - 1404 an area of support , which is also .382...
Gold looks to making a corrective minor 4th wave.
If we take a minimal retracement the .382 fib, the price for gold is 1407.
Enter short at intraday level of price rejection and look to target 1400 as per chart....
EURNZD is within an a wedge consolidation , and maybe completing the 4th Wave (D).
If an ABC minor correction is in play , then consider overall a Head and Shoulders scenario with the pair now forming the right shoulder.
With price nearing the .786 fib retracement of minor wave a , wondering if minor wave b is just about done.
Looking to short the EURO ........
The AUDUSD has been within a downtrending channel since start of 2019 , and all likelihood to continue to do so for the rest of the year.
Presently price has moved away from channel support , and considering a 3 wave corrective cycle to the upper trendline , and long into the third wave (c) .
1. .618 -786 fib retracement of wave a = .6750
Considering a long in the direction of a possible new wave (D) , rising to trendline resistance.
Entry - at start of support zone at 107.35
Stop - below support zone 106.75 ( 60 pips)
Target 1 - 109.20 , top of near resistance ( 2/1 Gann Line)
Target 2 - 112 , top of consolidation trendline ( above 4/1 Gann Line)
Gold is winding within a corrective triangle structure.
IF a 5 wave structure is in play
1. D wave to complete around 1493
2. E wave to complete around 1503.
The short trade is
1. Enter at E
2. Stop above A
3. Target .618 fib extension to 1442.
RR is 3+
Given the uncertainty existing - brexit , printed currencys, US - China trade wars and undermining of stock markets , a move to precious metals seems reasonable.
Silver is on the rise ...... and should see 20 eclipsed in the short term .... and then some...
Gold is on the rise.... possibly a little to quick for the present time and a distance away from the 20 period moving average.
Yesterdays long tailed pinbar, suggests a clear rejection of price from the 1550 level and may see consolidation between 1500 and 1550 in the coming days .
Gold is too bullish to short , and looking for an opportunity at support to...
Price recently has hovered around the 107 handle as
1. False break
2. Breakout to downside and retest
3. Recent retests.
Looking for an entry for short
1. Enter around 106.70
2. Stop above 20 period MAV around 107.40
3. Target prior support around 104.50
RR = 3
EURAUD has been travelling in a channel to the upside.
Price has broken resistance at 1.64 , and retested this level .
Looking for a long entry
1. Entry - at 10 MAV
2. Stop - below support
3. Targets - many = channel resistance trendline, 1.27 fib extension , horizontal past major resistance.
RR at best 4.......
Price is likely to consolidate between 1.65...
This pair has made a strong rally to the 1.73 handle , after forming a Inverse H&S in the low 1.60's.
Looking for a long
1.Entry - Confluence of support and in the shorter term moving average buy zone.
2. Stop - well inside the support zone
3. Target - Swing high of October 2018
RR = 6