August 2016 was the last time Gold found its way higher than this zone, so we are expecting resistance once again and possibly another big sell off.
Start thinking like the big traders.. because this is where they have obviously set sell orders before so what makes you think they haven't this time? if they have we will have a large movement very soon.... Then we...
However since 2009 and before you can see that in all major currencies gold has acted as a protection hedge against inflation and depreciation of these currencies. Definetely not a short term trade but one for the long haul and from the charts it is clear, the blow off top has not occurred yet.
Simple counter trend trade based on gold now appearing very overbought. I would like to see it drop back down to the $1300 per ounce region before entertaining a long position if price begins to bounce.
I will be looking for reversals to form around 1347-1350 for a potential short. I do see Gold making a retracement to the 61.8-78.6 fib region or make it's way back down to 1275 for a swing higher.
So for potential targets
Target 1: 61.8 Fib
Final Target: 1275.000 (If there is a Weekly Closure below 1275 I will continue to hold).
If I do see any reversal...
Afternoon traders,
We hope you are enjoying the long bank holiday weekend with both UK and US markets closed on Monday we would expect a slow start to the trading week with Monday being somewhat non-existent in terms of volumes and volatility. For this weeks SundaySetups we have taken a look at Gold versus US dollar.
On our trading view 4 hourly chart you can...
Simple to understand... no indicators.... no bull#hit.... price bounced recently off a strong support zone and we are expecting it to make a run up to our resistance zone, is that easy enough to understand?
So why do people complicate it with so many technical words? Yes I know the technical terms but I like to make things simple so people understand and can...
This is an update on Gold with a new curve showing probability broadly for the north. See my previous video on a smaller curve.
The Theory of Curves is based on exploiting patterns in Chaos. Read up on Chaos Theory. The markets are pure chaos so it is every proper trader's business to know about it.
Anything can happen in the next few hours. Up or down? Theory of curves on Gold seems to indicate probability is north (greater than south). No guarantees. All you can do is take an acceptable loss. No loss - no gain! The choice is yours.
We have marked out obvious support and resistance levels on our chart and below are the things we are looking for this coming week, here we have 2 possible outcomes.
1. Price will continue last weeks bullish run and reach resistance level 1295.024 now if the bulls continue to be strong this level could be smashed and price could eventually reach resistance of...
Gold prices extend the rally on Monday, with the bullion is trying to get back above the $1,400 psychological level, clinging to six-year highs registered at the end of last week. This is the fifth day of gains in a row as demand for the precious metal remains robust due to rising tensions between the US and Iran, a dovish shift by major central banks, and a...
The exchange rate has entered a correction phase. Therefore a correction wave is expected. This wave should be used for long-distance entry. The analysis shows that the exchange rate creates a fractal movement. Its size is similar to the size of the 1st fractal. Therefore, we can use this target price. And it can be seen that the exchange rate started to rise in...
Morning again traders,
Looking at a short term trade on Gold versus US dollar after formation of a bearish candle pattern on the 2 hourly Advance and a Bearish Harami on the 4 hourly both of which point to price action moving lower over the remainder of today.
Looking for a move back down to support levels around 1389 over the coming hours as per our hourly...
I will be looking for a potential pullback to 1366-1350 before going long. Unless we keep breaking above, 1412.120 would be an area I'd like to see pullback to before going Long.
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