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.
This is the daily of Gold.
Whatever market we're looking at, it's all about the US Dollar - and will continue to be for some time. The DXY has broken above major support. That being the case, I find it inconceivable that Gold should rally... yet, I cannot ignore the bull div forming in Gold.
We may be looking at a pause, in which case a breakout of last week's...
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.
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...