Since June 2013 from today Gold has been trading between $1373 & $1046, possible accumulation zone coming into play. Ma's did crossover signalling a push to the upside but was quickly reversed on August 1st and acted as resistance as gold had Four red months.
Gold is breaking the final frontier of a multi-year pennant. It is now nestled below trendline resistance and the weekly 200MA.
Could this just be a false move?
Unfortunately for the Gold bulls, Gold has to contend with a a very bullish USD. Unless the USD is going to make a move to the downside, I cannot see Gold making ANY serious upside traction.
And my ...
So Gold broke the upward trend line it has been in since 2016. Now the price now has two options.
Perform a dramatic bounce above 1250 and stay above the trendline and recommence its upward trend.
Or more likely bounce and touch just below the trendline and test another fibonacci retracement line down lower.
It appears to be more likely the re-emergence of ...
Downward point triangle indicates downward pressure, followed by a reversal in trend and a large upward correction.
Similiar longer term pattern in playing out with large downward pressure, followed by a reveral in trend and large upward correction possible to follow?
However first Gold must not break the upward supporting trendline otherwise this idea is void. ...
I guess it depends on Iran...? Oil has shown there to not be much affect in regards to it's price, could Gold follow. I would like to see a pullback to at least the 1310 resistance zone and see a signal printed before running it down to 1300 area which I believe can be reached. Let's see what happens with the US & Iran........
Gold should break this horizontal triangle formation and break through resistance at 1360 in order to maintain that Gold USD is on a bull run. Otherwise look down below.
I am more inclined to think this will head upwards however.
Shorts opened after gold bounced from 1366 trendline resistance, currently sitting at around 1338 - TP @ 1300 - will be looking at a buy if it bounces from support
Look at my previous idea to see the daily
The closing of a Pinbar on Friday evening has thrown a slight spanner in the works for the feeling I was getting towards Gold as up until that point it was looking very bullish. The Pinbar close does normally represent a bearish reversal coming shortly, however on this I am not too sure. My sentiment towards Gold still remains Bullish as I believe it can travel a ...