Monfex is at your service and today we overview XAU/USD.
Gold broke the ascending channel. For now we have the descending movement and the price at the moment near resistance line with MA100 and the big volume zone that is our main point for short.
There is a possibility that this is a big bull flag, which is aimed at new highs, but the support...
I still believe these need to get back and correlate with each other somehow.
which means there need to be major dollar weakness somewhere along the line.
Could this be the start of it.. maybe the US/China trade war will go badly....... but i cant see it.
Price tests 50% zone on Fibonacci numerous times on the 1D.
EVE-EVE double top on the 4H chart:
To understand what I mean by "Eve/Eve", highly recommend to check out the book: 'Encyclopedia of Chart Patterns; Second Edition by Thomas N. Bulkowski- it has around 850 pages.
Gold (Spot) - Intraday - We look to Sell at 1516 (stop at 1526)
Previous resistance located at 1535. Selling pressure from 1535 resulted in all the initial daily gains being overturned. A bearish Head and Shoulders is forming. A break of support at 1483 should lead to a more aggressive move lower towards 1409. The overnight dip has been bought into and there is...
I feel there will be a further pullback upon market open, smashing through the 1483 psychological barrier ultimatley finding resistance at the 1425 area.
This is where I will take profit and see how the market reacts.
My gut feeling is that this area will coincide with high impact news on Wednesday creating a bullish market which will oush us up to the highs...
Hi Traders, apologies for similar analysis to my last Gold post, but you cannot undo a posting of analysis you have posted, and I uploaded the wrong image on Gold sells. (Although the principal is the same, this is a little clearer). Here is my view on Gold sells. This should be temporary, before we see the bulls takeover. 1700 long is one of my targets for Gold :)
Hi Traders, here is my analysis for a potential on a Gold sell before we get the bull run. My overall bull target still remains at 1700, but I feel we will get a push down first before the long.Do you agree?
XAUUSD I'm looking for a pullback to the lows of 1480.4, as the market opens this evening I am looking for gold to retrace potentially to 1522 then waiting for candle confirmation to enter short, if no entry given and 1508.32 is broken I am looking for a retest to enter short. however if this setup is missed and 1480 is tapped I am expecting gold to consolidate...
As I mentioned In my last post, I feel the cycle of Gold is accellerated similar to BTC and gold is becoming a tax heaven for BTC profits and some other factors.
Heres a side by side of the charts.... familiar cycle patterns? I think so, going on technical analyses Gold does need to retest but it isnt nessasry for it to happen now... Lets see what this week has...