The recoil which I supposed that it would be @1266 was not strong enough and the price crossed the trendline. But this case does not change the plan. 1280 as the biggest key resistance has to do its job here and I'm confident with the idea that it will turn around at the area around 1280. Possible entry: 1278-1282 SL: 1286 TP: 1240..1200..1180..11??
Resistance at 1266 worked very well here. It tried twice until it recoiled back to 1261. Also Longterm-Weekly-Downtrend (Blue trend line) is showing its potential here, which also supports the idea of a strong resistance area at 1266. I would consider a short position here. If you want to go the safer way then place an order at 1258.
*the display of the angle instrument is a bit buggy but you can understand what I want to show* I tried some kind of logical and technical analysis on the long term movements since 2013. It seems that we are in a long term "sideways" market moving in a flag formation which gets tighter over the time. Until the peak of the flag it seems to respect these...
Longterm downtrend is working around 66-69. This is the perfect time to short now. The efforts for uptrend today got prevented. Sell Limit at 1266 for risky entry. Or 1258 for safe entry.
After the correction to 1263 the price holds itself in a neutral zone with no clear vision into future movements. In my opinion it would be ok to: short @ 1258 or long @ 1265 /1266 SL 1263 for both
After twice failures to pass through 1257,50 it became a resistance here in short term view. Because of the failed recoil under 1250 friday afternoon it construced some kind of short term uptrend with one of last weeks lowest values at 1241. The need of technical correction supports the idea for more upside movement. Long @ 1258 SL: 1252 TP: 1269
After neutral US Nonfarm Payrolls and unemployment figures and positive US Market opening it got enough energy to break the 50. The sequel of weekly downtrend is likeley.
As I said this week there would be a slow downtrend and yesterday I said that it will come near 1240 before going up through the ECB Base Rate changes. We have a resistance Break of 1250 and next target would be 1269. Unemployment Rate and Nonfarm Payrolls have expectations for pushing the gold price higher. If you follow the US economic values after last...
After ADP Nonfarm Employment Change went worse than expected the ISM Non-Manufacturing values changed the mood with better than expected. I think it will try 1240 before deciding tomorow after ECB speech.
Short term view shows upwards potential upto 1270. Especially for this week there are technical and rational arguments for short term up going. Long term technical view shows potential for 1180 - 1150 zone.
As I mentioned yesterday, it will show a technical correction in the upcoming time. The fact that it went up over 1250 shows pullback interest on the market at resistance @1250. Aim for next week between 1270 and 1280 then maybe more uptrend because of ECB base rate changes.
After this overextended Short movements, it seems technically very logic that it will make a more or less upside correction move before deciding the following direction. First Target: 1261 Followed by: 1272 - 1282 (1289 max.)