The closing of a Pinbar on Friday evening has thrown a slight spanner in the works for the feeling I was getting towards Gold as up until that point it was looking very bullish. The Pinbar close does normally represent a bearish reversal coming shortly, however on this I am not too sure. My sentiment towards Gold still remains Bullish as I believe it...
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)
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...
Long Gold, after yesterdays trade closed for a small win and the correction continued lower it is the strategy to buy again at the end of the three wave bounce of higher degree. The larger 3 wave bounce is denoted with the green w-x being the middle connector wave. It would appear to be a very good set up and the only issue, is the resurgent USDJPY.
Gold just broke out of an 11-month long trendline. Right now Gold is testing the important $1,300 level. If the current level is not broken, then Gold would create a double top pattern which would push it lower, back down towards the recently broken trend line.
Momentum right now is bullish on the yellow metal, but as I stated above, it could find resistance at...
Recently, Gold has been trading downwards. The price tested the level of $1,246.00. According to the 30M time frame, there is a fake breakout of yesterday's low, which is a sign that sellers lost downward pressure. There is also a hidden bullish divergence on the ROC oscilator, which is another sign of strength. My advice is to watch for buying opportunities. The...
Since my last post, my sentiment on Gold has completely changed.
I was awaiting a clear break blow the bottom trendline you can see on this chart. We did not get this - so I did not enter short. We infact got a heavy rally up from the last touch of this trendline, creating new highs and making me think Gold is back in Bull Mode.
From this area here (around the...
today i want to bring you my view of gold. It's been in a recent uptrend and it's creating new highs but i think this could be a bigger retracement of the downtrend in the big picture (weekly).
By using a simple AB=CD harmonic pattern and two Fibonacci levels i've managed to create a small reversal zone where price actually is right now.
Here we have two...
While price action is technically making new highs, it looks like the momentum is actually running out of steam.
We did see a spike up above $1260's last week which has rapidly been pushed back down. Forming a shooting star on the daily and the weekly. Possibly could have been stop hunting manipulation.
A larger fibonacci sequence is still in play as you can see...
gold prices has fell to a two week low today as the dollar strengthens as yellen stated the importance of increasing rates and possible hike in march ,currently trading with an intra-day high at 1228 and a low at 1216, still looking for price to push up to 1254 before heading back down to 1200s then 1180
Because it's still contained inside a bullish channel (red), we are expecting for the price to go up. It might target the 1270 area, which is the 100% equivalent of the previous uptrend. If in the event it will break outside the parallel line, the price may automatically go down.
Happy trading everyone!
Long position on the XAUUSD. Price has recently broken through Jan 2017 resistance levels and then retested it and retraced back up. Looking for a long position to the upper bounds of the trend line. Long term this is very bullish with higher highs AND higher lows.
Fundamentally Gold at 10-month low, down 5 weeks in a row. I'm following the trend for this one I would need to see bullish closes above 1180 to even consider buying. Lets see what happens after the FED rate hike too.