XAUUSD Weekly Forecast for 3rd -7th Feb 2020
- Last week Pullback was made at the beginning of the week - Target 1 was missed by 3 pips @ 1590
- Going into this week with first target pushed a bit higher towards 1595.1 area and further more to target 2 @1611.06
- If we see a bearish move in DXY this will be good confirmation and confluence for gold to move...
after a strong bullish movement that we saw at the beginning of January gold corrects itself.
On 4H the market has set a sequence of lower lows and lower highs
and currently, it is entering within a peculiar area from where we can expect a bearish continuation.
for confirmation of our predictions, I am...
a lot of followers have asked about my thoughts on WTI and when can we expect a pullback after a selling rally.
currently, I still have a short trade active from 63.0 level BUT
the market has finally reached first strong structure support and analyzing a price action it looks like
indeed selling volumes are...
silver is standing on a strong support level for quite a while.
It looks like finally ice breaks and bulls are attempting to break above the indecision horizontal range.
for us, it will be a perfect signal to buy the market.
so let the price close above the range and buy the market...
I hope you are ready for the new trading year!
I am still on vacation and celebrating Orthodox Christmas today
but a lot of followers are very scared because of recent fluctuations and gold and ask me to clarify the situation.
The beginning of January turned to be very impulsive for many financial...
The death of Iranian general, Soleimani, which was orchestrated by Donald Trump caused the price of oil to shoot up, with conflict in Iran (5th largest oil producer) and US (1st largest oil producer) leading to a mass brief bull run due to supply and demand.
Here's a graph with spikes and dips in oil prices labelled in order to better understand the effect global...
I foresee a possible short on gold as it heads to resistance zone.
RSI shows gold is overbought.
Risk/Reward is 2.69
TP 1: 1502.68
TP 2: 1498.36
Good luck! Feel free to let me know what you think.
I was asked a lot to give you an update for gold .
since my last post we see just minor changes:
currently, the price is coiling within an expanding wedge pattern.
I believe that we will see a new higher high with the wedge soon.
But remember that 1482 - 1486 is a strong zone of supply
and we will anticipate...
gold is still perfectly respecting the boundaries of a rising channel .
yesterday was a rollercoaster day and gold has spiked up and immediately dropped down to a channel's support.
My bias now is bullish and I believe that the market should reach at least 1476 level
and potentially set a new higher high...
looks like consolidation on gold proceeds.
1455 - 1460 is the area on my radar,
it looks like the market is forming a bearish flag pattern
and we can expect one more higher low formation and further consolidation within a channel.
Let's see how it unfolds this week!
*for now, I don't have any...
WTI (1H) - short term bullish bias
The surge from the psychological support of 55 has put the crude price back on track. The bullish MA cross and the break above 58 were firm confirmations that sentiment has swiftly recovered. Buyers are now attempting to push to the major level of 60, but before that we would expect a few more hours of sideways action as the RSI...
we caught very nice profit on gold this week following my trading plan.
yesterday the market has broken and closed above a key structure resistance
and I believe that bulls will push the market even further!
Next target levels are
1492 and 1508
GOLD is steadily coming closer and closer to month's low.
I will be waiting for a reversal formation within the underlined orange area to buy the market
Stop will be strictly below the zone.
Target levels will be 1458.0 / 1466.0