descending channel on monthly. Middle Line crossed down-side.
possible Supports ahead
1. 1040 which is previous pivots, fibo bounce zone (127%).
2. 950 which is the channel bottom line and stronger fibo bounce zone 161% golden percentage.
Gold has retraced to Fib level 76.4 !!
RS I - over sold Buy on Weekly Charts
Gold is charting ABC correction path of which wave b is in play !! On the other hand Dollar Index has run ahead of itself - it needs to cool down !!
Target of 1500 by April 2017
Stop Loss at 1100
Gold Trding around 1130-1131 level Where Strong
Weekly bottom Seems around 1118 level. If hold above 1118 we can see a corrective move toward
1150-1155. where if breaks 1115 and
hold below next target may b 1050-1065.
For not will advice buy with small lot in range
of 1130-1122 sl must be below 1115 and tp 1145-1150
where if breaks 1155 and hold on daily...
Gold holding Strongly above 1162 as corrective move we can see upward 1188-1194 where Breakage of 1194 may call for 1205-1210 .
Where monthly Strong support seems around 1157 level breakage of 1156 may call for 1120-25
Advice to buy in range of 1169-1162 sl 1156 TP 1188
As you may know or not, Gold use to have a seasonal drop Nov-Dec then to bounce up Jan-Feb.
Look at the chart and you will see how many times that happened, i am not saying it will happen now again, but there is a big possibility for that. I personally think it may have another drop before we can see a bounce up. In both case i am only looking for buy setups on...
Gold Trading around 1177. Gold Seems strong support around 1156-1158 level. If hold above 1156 we can see toward 1198-1210 Where if daily closing above 1223 may Give Bullish sign overall below 1223 Gold point for 1120-1125.
where if breaks 1156 then we can see 1120-1125 soon.
Weekly Range 1156-1223
I believe there is currently a strong bullish divergence in the RSI and MACD.
My TP is 1250$, and I will re-evaluate gold when/if we get to that level.
We are currently making higher lows in both the MACD and RSI (while the price decreases), which leads me to believe we will see a strong up move in the following days.
My advice is to avoid listening to the gold...
Gold Trading around 1217-1218 level where on daily chart we can see divergence and also strong support around 1202-1205 level where its also above weekly pivot point which is 1214 and below from monthly pivot point 1285.
We can see its in range of 1205-1245 breakage of 1198 may call for 1165-68 where brakage of 1250 may call for 1285-90
advice to buy above 1198...
Intermediate-term bullish divergences building. Reading massive volume spike as a capitulation move... Coming down to solid support. Stop if supports/divergences break. Low risk/reward.
Once again I am looking at the weekly chart for gold which is oversold and close to very strong support around $1,190 - $1,210.
Of course the price action during the last 18 weeks has been disappointing but there is still a good chance that this is the typical deep retracement after the first up-leg in this new bull-market. In the next step gold needs to break the...
