Gold has just pushed down into our 1750 target area from the earlier post.
Now we do expect to see some accumulation at this area before a mark up higher to our longterm projections.
Wait and see how the accumulation phase plays out before trying to get in long, especially after the strong sell off we just experienced.
- Price pushed back into our 1700 - 1800...
The most common index used by many traders would be DXY. This is considered to be the go to index in interpreting USD strength against the other major currencies. When looking at this particular index, the first thing we should know is, what currencies are actually in the basket and how it is calculated. Below are the currencies included and the percentage...
- Price is currently getting squeezed between my moving averages.
- Top side trend was respected and fell from that level
- Trend line plotted from lows also shows a break in trend.
- Price formed a head and shoulders pattern that broke out to the downside today.
- Price has retraced back into the 50 - 61.8% retracement level of todays range.
- Looking for the...
- Price was in a strong downtrend since the start of November to beginning of January
- New year came along, Dollar has been consolidating/accumulating just slightly higher than the lows of the downtrend.
- Bears have made multiple attempts at breaking the lows of the range but have not succeeded thus far.
- If we do bounce from the bottom again, pay attention the...
- GU made it to the top of the range today after a VERY strong bullish move.
- Most recent highs were liquidated but still holding our highs from last week.
- Session POC has been moved up to the top of the range indicating Big Money is back defending that level.
- Time based Volume also indicating this as we see the highest volume node at the high of the day.
Note the similarities in price action within the highlighted areas at the levels plotted... now, let's see what happened at those times and what similarities we can find in the fundamentals.
The Great Crash of ‘79
The Dow Jones Industrial index peaked at $897 on Friday October 5th, 1979. On Saturday the Federal Reserve and Chairman Paul Volcker adopted new...
- The trend line is the monthly downtrend that was broken at the end of July, 2020. Price moved nearly 750 pips from that point.
- Price reached the monthly resistance and has since corrected back from that zone.
- Moving averages have crossed signalling trend change.
- Price has created a new lower high last week and a new low earlier this week also signalling...
- Forming a head and shoulders pattern with the neckline at 1.35
- Price broke below the 233 period VWEMA, came back retested and rejected it
- Price rejected the 1.37 even within the 50 - 618 retrace level
- Trend RSI broke and has stayed below the 50% level
- Major support was broken a few weeks back
- Price has since came back to...
- Double top on H1 broke the valley low
- H4 "double top" was strong rejection candles with long top wicks
- hit previous structure level on the 4 hour chart
- Moved back up to retest the valley support, now acting as resistance
- Doji candle printed on both H1 and H4 at resistance
- High volume bars on the most recent move down off our highs
- RSI was heavily...
Entered into shorts:
- Trend line and structure resistance
- High volume at previous stated levels hinting at sellers suppressing prices
- Broke minor uptrend
- Price between 618 and 786 retrace
- Monthly pivot point
- RSI and MACD divergence
- Double top will be confirmed when it breaks the valley
Gold is looking more and more everyday as if it wants to fall. A nice looking double top is beginning to form on the weekly chart.. still early and not confirmed yet, but definitely something to begin watching. More aggressive traders may want to start entering small positions at this point, if we break 1450 the pattern will be completed and additional positions...
Historically we can see here that Gold has outperformed in the months of December, January, and February. Looking at current TA on multiple timeframes and Fundamental factors underpinning price, this year should be no different.
Fundamentals are coming out strong for bull momentum with lack of positive trade negotiations and added fuel to the fire with the bill set by President Trump for Hong Kong Protestors and further restrictions on Huawei citing national security concerns. Additional tariffs to be struck on December 15th with China saying that and past tariffs must be removed to...
Based on a weekly and monthly view of this pair, the previous range it traded in was 1150 - 1350 a troy ounce. We have since broken that range and moved up 200 dollars to the 1550 level. Now based on the 200 dollar range it traded in before for roughly 6 years, I believe the market will now trade in the 1350 - 1550 price range. Looking at the daily chart, there is...
1. Nice Structure level
2. 618 Retracement
3. Top of Channel
4. Monthly Fib R3
5. Daily Bearish Engulfing
Don't expect a full reversal for now, but a move down to the 50% with structure confluence is looking probable.