We can see that price recently respected our resistance level even after a huge push up in the aftermath of the FOMC results which saw the USD weaken after the FED announced there would be no interest rate hikes this year... This was bad news for the USD which caused this bullish run.
Taking all this into account and the forever weakening of the USD and the US...
We posted a short on this pairing a couple of days ago and we made 60 pips on it... so well done if you got on ;p
Now we can see that price broke a strong TL and strong resistance, we can see that price has broke this resistance and has come down and now tested it as support.
With the break of the trendline and resistance we can only see bullish movement from...
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...
Orange arrow show where this key level has been used as support and purple arrow shows resistance, we can see price is nearly at this level so we will be waiting for a break or bounce before jumping in this trade again as we had a loss on it yesterday... YES WE HAD A LOSS... WE ARE HUMAN ;p
But our view is that it will bounce and make some movement to the upside...
We have a strong trend ( TL ) line formed which has been respected a number of times, I'm sure you can point out where! Now our overall outlook on Gold is long ( bearish ) but we could se a slight pullback to our trend line before price takes off again.
We are bullish long term on gold because we can see the mess the US economy is whilst other people continue to...
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...
Price is currently sat at a very strong resistance level, but we can see it breaking this level and pushing higher, our reasoning for this is the U.S economy is in a bit of a state £22 TRILLION in debt and unemployment on the rise... a recession is just around the corner.
Normally when the Economy is in a mess people run out and buy gold as it is somewhat of a...
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 )
So just when you think everything is golden, maybe it's not!
From a recent high of 1326, we're now at key support levels if this latest Gold run is going to continue. 1303 is first up but if that's breached then it's 1295. If we go through here, which is imo a significant support level, then 1281 may not be far behind.
That said as always, much depends on...
Short term sell when price breaks upwards triangle.
- Enter long at blue support
My trades active, I set a buy limit just above this zone. Price dropped and hit my entry price. See how this plays out hopefully it will keep climbing.
1345.00 is a possible reversal zone, this area has been used as a very strong resistance zone before and you can see price has respected this area on numerous occasions before ( I'm sure you don't need the purple arrows to pint out where if you have been following us for a while )
Our 1st trendline was previously used as strong support but we can see it been...
1326.741 is an area of interest and could act as possible resistance, but if we break this level then we will see price climb into our zone ( blue box ) where we could see a reversal.
So at the moment we are long on this trade with a tight SL and if price breaks our 1326.741 resistance we will be adding some long positions all the way up to our zone.
1295.74 area is a strong old resistance and could be tested as new support, We will manually enter this trade as a SELL but only down to or new support level, and we have set BUYn order for the retest of this level.
We should see price push higher to the upside after this retest, our reasoning behind this trade is because the buyers ( bulls ) were strong on...
Gold at a cross road again.
To break up higher from hear would signal a re-emergence of the upward short term trend and signal another attempt about the horizontal resistance area of 1350-1380.
A failed move higher would signal lower prices for 2019.