Could be a good opportunity if there is enough volume in Asian tonight, we have formed a resistance on the 1h tf, a solid break and formation of support could give a good chance for longs up to 1872-74, the next resistance. However if we get a break of support below 1858.75, we could see gold potentially retesting daily support as there is a clean wick to fill,...
While the price is below the resistance 2075.05, beginning of downtrend is expected.
We make sure when the support at 1818.00 breaks.
If the resistance at 2075.05 is broken, the short-term forecast -beginning of downtrend- will be invalid.
While the RSI support #1 at 45 is not broken, the probability of price decrease...
My outlook on gold at the moment. We have a complete head and shoulders on the daily timeframe with a perfect neckline formation. I am bias long with gold set for 1800, however I can't ignore this technical analysis. All formations on each timeframe looks set for a big drop! There is a small head and shoulders forming on smaller timeframes (1HR and 30M).
We have confirmation that GOLD is bullish for the coming weeks, however, any dips are going to be short-lived. So, we are going with the third scenario that we expected.
Target 2: 1950
Target 3: 2000
In my analysis, any deeper dips will be another buying opportunity for traders and earn great risk to reward.
Watch out for Gold to break out on either side. There are 3 possible scenarios I see with GOLD.
1) Reversal from the current point
2) Touches previous high and dives
3) Makes higher high and breaks out of the structure
Probably 2 sell and 1 buy opportunity coming soon.
Gold has to break above $1485 in order to proceed higher. Catalysts could be the fed meeting today or the December 15th tariffs going into play. Either way we should see a strong rally following this breakout. Otherwise a breakdown would occur and I think this is less likely based on the buying action over the last couple of months and the increase in tensions...
My expected gold move in the next few years. Gold will break higher and hit resistance near $1800/oz and then will fall lower. The fall lower will coincide with previous resistance become new support for the next leg higher all the way to $5000/oz - $8000/oz by 2030.
Here we have the possibility of price breaking 1480 and staying under...however its always good to consider a bounce from this area to wipe out the SL's or orders in this heavily popular area for Price action
If price breaks and stays under 1480 we could see it turn down to 1420 Zone....
Lets watch price see what it does dont forget its the end of the month and we...
Here I have Gold for the week ahead of the new month and heading into NFP week.
I'm expecting Gold to revisit the lower 1500 levels before a spring to the the highs of this range as Gold is still in a uptrend unless theres a break of the lower levels 1500's.
Lets see how price reacts after lows
Very important here to observe and not get FOMO on the higher tf of...
Pretty explainable from the chart above.... NFP is on today which also has been a Dud for the last couple of months, however you never know and to plan to enter before is always advisable. All be it there many ways to trading!
We can see retest possibility of it going higher and on the flips side reaching 1490 area!
Approaching a third touch confirmation on the larger bearish flag pattern on the weekly chart, but zooming in on the 4hr and 1hr we see consolidation on the top of the channel in the form of a bullish flag pattern giving confirmation of at least a double confirmation on the third touch before a short signalling a buy opportunity.
On the 1hr chart we can identify...
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.
Taking momentum into account and change of obvious market structure it only makes sense for my analysis to be bearish.
Ever heard of the phrase, trade with the trend? yup you should really use that phrase to your advantage.
1.Momentum is down so im looking for a break of support zone.
2.Preferably a close below the support on the daily but if i get 4hr...