We are expecting to see a retest of this resistance level after a bearish day yesterday before price makes more bearish movement and reaches or support zone ( green box ) before market close.
I wouldn't go jumping into a short position before we get the re test of this level as the markets seem to be all over the place at the moment, and always trade with correct...
Gold has been travelling in a very large ascending channel however it broke out to the downside, came back up to retest the channel at the 0.618 of the impulse wave and now price has broken out to the downside of the ascending trend line it was travelling above to retest the channel.
price is now going up to the 0.618 of the retest move to retest the trend line...
1304.041 is acting as a very strong level, this time it is been used as resistance, but you can see it has previously been used as support.
We also have a lovely trendline that has formed and this happens to be very close to our resistance level... this makes it a double strength setup... if this trade doesn't go bearish from here I will eat my hat ;p
No better...
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.
PLAN:
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...
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...
1310.79 is an area of strong support turned new resistance ( old support orange arrows )
We also have a strong trendline ( TL ) which has been touched more times than... well something that has been touched a lot ( I wont put anything rude as I will get banned, so just use your imagination.... if you have 1 ) ;p
So we are looking for price to close below our...
XAUUSD present us with a short opportunity!
Trend line broken - check
support level broken - check
Now we are just waiting for a 1h retest, in order to take a short position!
All of the Best
TRADING PROTECTION!
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...
Clear rejection on resistance line. It is likely to go down sometime this week. There might be a pullback before it starts going down.
TP 1 - 1197.4
TP 2 - 1173.4
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...
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...
Scenario A)
Gold downtrend resumes from 1248, conservative target of 1241.5 because of possible double bottom on daily chart
Scenario B)
Daily double bottom is in place and look for long opportunities after a close above 1248
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........
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