XAUUSD (GOLD) H1
Fib level + divergence, expecting a nice decline!!
1. This profile is for educational purposes ONLY!
2. The setups given are my own perspective of the forex market and by no means require action!
3. Trading involves risk, past profits do not guarantee future results, so never risk what you are not willing to lose!
Price has currently retraced to the 50% fib retracement level and Bearish divergence is evident. Price is currently looking good for a potential push lower to the price level i have marked with the green horizontal line.
Entry - Grey line
Stop loss - Red line
Green line - Take profit
Risk exposure - 1%
Okay guys, bit of a confusing one but on the daily chart gold has been travelling in a horizontal channel marked out with the blue rectangles, we recently saw a move from bottom to top and as it was it formed an ascending channel, we saw a false breakout of the channel to the upside at the top of the channel however it dropped back into the channel.
As of now...
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
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.
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
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...