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There was a bit of a rally up to 11-Apr-2018, but the short signal fired on 17-Nov last year holds strong and has continually dropped prices
1150 still looks to be a strong area of Buyers to get in on the sale of gold and buy cheap and take price back up.
Even with a sale of gold, the commodity is still an investment, seen as a safe asset.
For the time being, price has been stuck at around the 1200 price area, and could still contain sellers waiting to drive price further down.
Since June 2013 from today Gold has been trading between $1373 & $1046, possible accumulation zone coming into play. Ma's did crossover signalling a push to the upside but was quickly reversed on August 1st and acted as resistance as gold had Four red months.
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
As you can see Gold currently sitting on a strong support level, with the USD being overbought im going Long on Gold with a target of 1270 within the next 5 days.
Gold must hold here otherwise the bull market rally will be cut short and we will have to wait slightly longer for the re-emergence of the new bull market.
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........
Gold - weekly chart - I see price respecting the weekly support above 1300 level and this setup correlates well with my dollar analysis so lets roll out all my bulls!!!
Gold - weekly chart - 1400 coming soon
Gold should break this horizontal triangle formation and break through resistance at 1360 in order to maintain that Gold USD is on a bull run. Otherwise look down below.
I am more inclined to think this will head upwards however.
Gold - Daily chart - Good level to sell gold for a 200-300 points drop from current level. Great risk to reward on this one.
Important level support resistance and target
Gold H4 - My sell setup for gold has been triggered. Anticipating major downside for gold in the next 2 weeks.
TVC:GOLD is still in an uptrend and the current pull back is a turning into a good opportunity to buy especially with all the volatility in the markets. We should look to buy cheap in the Red Zone and hold until in the Green Zone. When we make good headway in the Green Zone we can sell for profit. This is not for day traders. Red to Green is likely to ...
Shorts opened after gold bounced from 1366 trendline resistance, currently sitting at around 1338 - TP @ 1300 - will be looking at a buy if it bounces from support
Look at my previous idea to see the daily
Gold has bounced off resistance on the daily chart and has started to decline.