GOLD spot price ( $XAU 1D) gold at the TOP of his game
One thing is certain: prices do not rise forever.
Every rally eventually meets an end and every wave up is follow by a corrective wave down.
Gold is on the rise since AUG 2018
Now several things can be said by looking at the chart:
First the volume is quite high… in fact at all time high while the candle close at the lower ends of its body follow by a large volume red candle.
It is symptomatic of an “exhaustion candle”.
The daily RSI is printing a bearish divergence.
And weekly RSI seems to be weakening.
It may be a little to early to call a top, but I will speculate that it is (or soon will be).
What can be interesting, if we are at the top, is to SELL and look to where are the best levels to buy back after a correction happens.
GOLD is slow to move so I’ll use a weekly chart.
I had previously identified an ascending triangle which so happen to a have reach his target.
Now it's not uncommon for the price to go retest the upper line of the triangle. In a perfect world this line (1370) is now a wall of support.
One other coincidence that can be found in the chart is that the support line (1370) coincide perfectly with a Fibonacci retracement level…
Truly an amazing coincidence. We will see what the future hold.
As time goes by, I will keep you updated on the evolution of the commodities, so make sure to follow me on Tradingview
Disclaimer: This is not financial advice as I’m not a financial adviser.
This is just my knowledge on what can be said from the chart.
Due to the volatile nature of the cryptocurrencies market, it can change on a day to day basis.
Everyone is wise to manage their risk properly when considering any trading decision or activities.
Every rally eventually meets an end and every wave up is follow by a corrective wave down.
Gold is on the rise since AUG 2018
Now several things can be said by looking at the chart:
First the volume is quite high… in fact at all time high while the candle close at the lower ends of its body follow by a large volume red candle.
It is symptomatic of an “exhaustion candle”.
The daily RSI is printing a bearish divergence.
And weekly RSI seems to be weakening.
It may be a little to early to call a top, but I will speculate that it is (or soon will be).
What can be interesting, if we are at the top, is to SELL and look to where are the best levels to buy back after a correction happens.
GOLD is slow to move so I’ll use a weekly chart.
I had previously identified an ascending triangle which so happen to a have reach his target.
One other coincidence that can be found in the chart is that the support line (1370) coincide perfectly with a Fibonacci retracement level…
As time goes by, I will keep you updated on the evolution of the commodities, so make sure to follow me on Tradingview
Disclaimer: This is not financial advice as I’m not a financial adviser.
This is just my knowledge on what can be said from the chart.
Due to the volatile nature of the cryptocurrencies market, it can change on a day to day basis.
Everyone is wise to manage their risk properly when considering any trading decision or activities.
Comment:
from a fibbonacci stand point it would makes sense.
from a fibbonacci stand point it would makes sense.
THis price action is on my standard really insane.
The biggest trading volume in a week ever in gold history.
maybe it really was a top and from now we got decreasing volume and decreasing prices.