. There is a possibility of temporary retracement to suggested support line (1279.00). if so, traders can set orders based on Price Action and expect to reach short-term targets.
. XAUUSD is in a range bound and the beginning of uptrend is expected.
. The price is above the 21-Day WEMA which acts as a dynamic support....
Okay guys, bit of a confusing one but on the daily chart gold has been travelling in a horizontal channel marked out with the blue rectangles, we recently saw a move from bottom to top and as it was it formed an ascending channel, we saw a false breakout of the channel to the upside at the top of the channel however it dropped back into the channel.
As of now...
. There is a possibility of temporary retracement to resistance support line (1280.90). if so, traders can set orders based on Price Action and expect to reach short-term targets.
. XAUUSD is in a range bound and the beginning of downtrend is expected.
. Price is below WEMA21, if price rises more, this line can act as...
We are expecting to see a retest of this resistance level after a bearish day yesterday before price makes more bearish movement and reaches or support zone ( green box ) before market close.
I wouldn't go jumping into a short position before we get the re test of this level as the markets seem to be all over the place at the moment, and always trade with correct...
Purple box is TP1, Green box TP2.
You can see that price respects our levels really well on gold, these are levels that have been drawn on our chart for months and price just keeps coming back to respect them time and time again making it easy money.
Now we have loads of news surrounding USD throughout the day so I would trade with caution as there will be a lot...
Clear head and shoulders pattern indicating to me that the gold price will head lower with a target of $1225/oz which corresponds nicely with the medium term support line. Then onwards and upwards from there later in the year.
Gold has been travelling in a very large ascending channel however it broke out to the downside, came back up to retest the channel at the 0.618 of the impulse wave and now price has broken out to the downside of the ascending trend line it was travelling above to retest the channel.
price is now going up to the 0.618 of the retest move to retest the trend line...
1304.041 is acting as a very strong level, this time it is been used as resistance, but you can see it has previously been used as support.
We also have a lovely trendline that has formed and this happens to be very close to our resistance level... this makes it a double strength setup... if this trade doesn't go bearish from here I will eat my hat ;p
BREAK AND RETEST
1.WAIT for a 4hr close above resistance zone
2.WAIT for retest back into or close enough to the zone .
3.Wait for some sort of rejection on the 30min or hourly.
4. Wait for price confirmation
The trend is your friend, it makes no sense to trade against it. my analysis is done according to momentum.
stops should be adjusted based...
We can see price hit a very strong resistance 1341.142 after price had been flying high for days, so we are expecting a slight retest into our support/resistance zone ( red box ) before price takes flight again and smashes through the strong resistance ( green line ) and hits our target area ( blue box ) this is the next key resistance area .
We can only see...
You can see from our chart an old resistance turned new support zone ( green box ) look how strong of a zone it is as well, we are expecting price to enter our zone and then go long, possibly reaching our resistance level ( green line )
1310.79 is an area of strong support turned new resistance ( old support orange arrows )
We also have a strong trendline ( TL ) which has been touched more times than... well something that has been touched a lot ( I wont put anything rude as I will get banned, so just use your imagination.... if you have 1 ) ;p
So we are looking for price to close below our...
XAUUSD present us with a short opportunity!
Trend line broken - check
support level broken - check
Now we are just waiting for a 1h retest, in order to take a short position!
All of the Best