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 ...
Gold downtrend resumes from 1248, conservative target of 1241.5 because of possible double bottom on daily chart
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........
Short to 1306, rejected trend line which has been in place since 2018. Last time it rejected this trend line in September 2017, it dropped from 1355 to 1250. Last time before that was July 2016, where it went from 1375 down to 1125!! Look at the chart. RSI High, could be higher. If Gold breaks this CTL I predict 1355 up, next stop up would be 1375..Short for now, ...
1.Weekly/Daily Support broken Resistance valid (Strong)
3.Profit margin 1:3
4.Opposing zone breached (major key)
5.Broke-out of upper bollinger-band
Key interest- Retail traders are buying after a massive rally in price into an area of interest for banks and institutions
1.Daily resistance in control
2.Support broken Resistance valid (Opposing zone breached) (Strong Indication)
3.Profit margin 1:4 (could hold if there any sign of reversal
4.No major support until 1295.00
5.Breach of Daily/Weekly timeframe Upper Bollinger band strong indication of overbought price (strong Indication)
-We've reached a price where several fibonacci levels confluences from different timeframes.
-We have a historically strong support and resistance level.
-At this current level we see a double top being formed on hourly.
Depending on rules, there's also a big bearish gartley pattern completing its D leg at this level.
Preferably, I'd like to see a break to ...
retest the sideways market we had on the 1hr tf but on 4hr tf we had reversal candlestick. price broke and retested the consolidation and showed some bearish PA on the 1HR tf. Me personally i don't trade gold but this is a good short entry but for only for a day or two becuase of the focus on the low tf analysis but hey lol. BUT! if your looking at long term view ...
1.Weekly Trend line broken
2.Support broken Resistance validated
5.Profit margin 1:7
Trend trading increases the probability of your trade working out, trend line broken on weekly timeframe.
Gold is continuing it's downwards trend with Lower High's and Higher Low's
Resistance-zone : $1250-1300
Support zone : $1125-1210
Major resistance: 1370
Major support: $1050
GOLD market since second half of December moves north. These increases are significantly less dynamic than previous declines which began in result of last year’s presidential elections in the United States and are trapped within bullish channel edges.
Although, as a result of the last growth impulse, at the beginning of June this year pair for the first time in ...
Gold‘s price reached this week a critical resistance of 1295.00, from which in the second half of April supply pushed price down to 1215.00. Rebound from mentioned resistance pushed Gold to support at 1274.00, which is now intersecting with trend line from the 9th May low.
It is important how price will behave in near future, as breaking area where horizontal ...