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
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 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...
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...