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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 ...
As you can see Gold currently sitting on a strong support level, with the USD being overbought im going Long on Gold with a target of 1270 within the next 5 days.
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 - weekly chart - 1400 coming soon
Gold - Daily chart - Good level to sell gold for a 200-300 points drop from current level. Great risk to reward on this one.
Important level support resistance and target
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
Gold has bounced off resistance on the daily chart and has started to decline.
A lot of built up orders in the area of 1325.00 down to 1315.00, waiting for price to drop so these order can be priced in to the market.
I make use of the TDI indicator on my charts and look for when the price has extended through the lower or upper price bands and is turning either south (short trade) or north (long trade). Gold is sat nicely on a rising trend line and the TDI is favourable for a LONG trade.
Gold has been under pressure for some weeks and although we can't rule out a move lower a ...
Gold is currently rocketing to the upside due to the US Dollar still remaining weak, I am in a buy on this already and in strong profits. Take profit 1303.80
The average points to enter and leave - and where Gold will go from here on in
1 to 3 weeks: No strong conviction, since the market has been trading for weeks in a complex range. Slight bearish bias remaining below 1295 (tested) with 1270/1260 as a tactical target (level to break to confirm the resume of the correction towards 1215)
1 to 3 days : 1290/1288 broken yesterday, confirming a setback to 1272/1270.
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 ...
Break of long term down trend line with continued support for gold. Rally should be expected once resistance line is broken in 2018.
Image left with no comment. No predictions made here. Simply a statement that the long term bull market pattern is still in tact and seems to be setting up in a very similiar way to the 1980's bull market.
-Potential M/S Change in Gold, back into 1310, and potential further highs?
-Pull back before taking next lows?
Long term bias: Long
Gold longs in play. Daily and H4 trend is bullish so we are buying on a pull back. This trade correlates well with my dollar analysis which has a bearish outlook technically. check my other posts to see the setups.