Head and shoulders pattern on a daily, (be are its a massive sell off area so await for a break and retest of the pattern as shown. If no break then expect for a long ride down to around 1700-1690 area.
. There is still a possibility of temporary retracement to suggested resistance line (1721.65). if so, traders can set orders based on Price Action and expect to reach short-term targets.
. XAUUSD is in a range bound and the beginning of downtrend is expected.
. The price is below the 21-Day WEMA which acts as a...
My outlook on gold at the moment. We have a complete head and shoulders on the daily timeframe with a perfect neckline formation. I am bias long with gold set for 1800, however I can't ignore this technical analysis. All formations on each timeframe looks set for a big drop! There is a small head and shoulders forming on smaller timeframes (1HR and 30M).
BOOM BOOM POW!!?
Gold has been messing around with everyone, lets be honest, we all knew it was coming with lockdowns being lifted worldwide right?
Well here we have gold at one of its lowest supports in the past few months. Many are saying GOLD will continue to fall before rising again if there is a second wave of COVID-19.
My analysis is that there will be...
So The Take Profit Was HIT!
Right from here onwards, on the hourly support in the past price has bounced back off to atleast 1700. So lets wait for the new hourly candle and see where this one takes us.
If it resists then GO LONG.
If it breaks then GO SHORT.
It's a simple equation.
Pretty Much Blew My Whole Forex Account To Pieces, But I'm Still Learning - First Month Into Profit, 5 Days Into The Second & Boom It's All Gone.
Call it beginners luck. But I'm still going to try and do some analysis whilst I recover from this mentally. It's all a learning curve at the end of the day and it's always best to build on your mistakes.