yann2zen

yann2zen Updated 

Given the fact that gold dropped out of the triangle which lasted a couple of weeks,(broke that 2015-2016 level) I expected a strong follow up or strong move down from sellers. What I see here is bulls trying to gain control and move the price higher. Now price is back at the same 2015 level in an impulsive manner. The next days coming will surely be interesting....

yann2zen

Bulls are on the driving seat with this formation here which offers a great opportunity for new entries. Let's keep an eye on this.

yann2zen Updated 

I previously posted a different bias to what I am posting now as I changed my bias. The market seems to have taken the form of a familiar pattern which I think once broken, could lead to a massive jump.

yann2zen Updated 

GBPJPY price made a strong moves upwards and it seems ready to go even higher

yann2zen

It clearly looks like a price rejection to the downside. This setup offers good risk-reward opportunity.

yann2zen Updated 

This is what I am looking for a this point. Let's see how gold reacts if/when it reaches that resistance level. I think it would be a good risk to reward setup.

yann2zen Updated 

I think it's safe to say that we're in a range here however, I am leaning towards the bulls. Reason being that the 2016 level has proven to be very strong no matter how many times bears tried to break it. However I still need clear price action.

yann2zen Updated 

Pretty clear bearish divergence on the RSI. I think price are going to drop from here.

yann2zen Updated 

If you checked my previous posts, I pointed out 2016 level as strong support and 2030-40 level as strong resistance. However, it appears that gold is aiming for higher prices and is trading at the moment outside of the descending channel and close to the 2040 resistance level. A break above it will open doors for more upside movement.

yann2zen

It's too soon to tell but it looks like the DXY is weakening. The medium to long term outlook is quite bearish too, in my humble opinion.

yann2zen Updated 

Since the beginning of the year gold has been selling but what I noticed is the the reaction at this price 2016 (highlighted). The price bounced quite a few times there showing some good support. And then that priced was breached and gold went down to 2002 and reversed back up (shown with the yellow arrow) , again with the same 2016 as support and as of now price...

yann2zen Updated 

Kind of the same outlook for XAUUSD and XAGUSD since they kind of move similarly. I hope the arrows show exactly what pattern is forming.

yann2zen Updated 

Possible triangle forming here after a clear trend down. The price could possibly turn around and go higher but I'd rather go with the direction of the trend.

yann2zen Updated 

The next level to break is 2079 which will open doors to more buyers. For now, sellers can look for opportunities with good risk-reward ratio.

yann2zen Updated 

I spot patterns quite a lot and with an added RSI it gives me some more directional bias. So this is what I am seeing right now with the 1 2 3 numbers shown on the chart is some kind of head and shoulders on a weekly timeframe. The RSI is also showing a bearish divergence Gold is obviously getting weaker but there are still a few levels of support to watch.

yann2zen Updated 

It seems the .618 fib retracement from the ATH acted as decent resistance and now price has turned. Can't tell whether it's ready to resume its move down or this is some kind of complex correction. But in lower timeframes one can find good selling opportunities.

yann2zen Updated 

It looks like soon the drop will start. Let's see what character it has (bullish or bearish) before making the next move.

yann2zen Updated 

For a few weeks now I have attempted to buy OILUSD but prices kept coming down and now I have a clearer picture of what could potentially happen next. Should we get an ABC correction of this impulse, I will be looking for sells.