Support around both the previous .5 retracement and current .618, but a downwards bet on gold could complete a wave 5 before correcting to wave 4 low. I expect either a double abc, or a setup for a small head and shoulders (rise to 1280, fall to neck-->1285 back down to neck). Increasing volatility and Volume could cause expansion of price above 1285 in next...
A convenient upwards trend prior to U.S election for wave two, along fib extension line. A break below LT .618 would confirm downward wave three @ the 1.618 of wave 1. A retest of the final fib resistance level for wave 4, to a sharp decline in 2017 for confirmation of 2016 reversal. Who knows! Good Luck, Matt
after the long position in the 1H frame i think there'll be a nice long/short position in gold @ 1250.0 Point of confirmations will be close after the Green line Close above the Red line Means analysis not correct wait for the confirmations
A lot of signs about a bull run about to begin. Gold has been very strong for the past week, given the recent 7 day USD run. To explain the chart and sum of reasons: -Trend support (red line) -0.382 Daily (short term FIB support) -0.764 Weekly (long term FBI support) -RSI returning from oversold condition -MACD has already bullish -Stochastic oversold, still...
Just like Goldman Sachs adviced, BUY GOLD. It hit lots of strong supports, as seen on the graph, and there is past structure that makes it hard to break that support and continue its downward movement from the past several sessions. Fib 0.6 and Over-sold market help as well.
ProShares UltraShort Gold (the Fund) seeks daily investment results that correspond to twice (200%) the inverse (opposite) of the daily performance of Gold bullion as measured by the United States dollar p.m. fixing price for delivery in London. Look forward for further upside action (correspond Sell XAUUSD) in short-term. Time horizon: 2 months.
PRICE SHOULD TEST AGAIN THE 1309.47 FIB LEVEL. PLACE A BUY ORDER AT 1309.47. STOP LOSS AT 1296.04
I am considering selling gold on the level of 1335-1340. SL = 1344
AS SEEN IN PREVIOUS STRUCTURE (PREVIOUS LONG BREAKOUT), WE EXPECT PRICE TO CONTINUE CONSOLIDATING IN SQUEEZE MOMENTUM UPSIDE PATTERN. WAIT FOR PRICE TO TEST THE TREND LINE FROM THE STRUCTURE. ENTER AT THE BREAK OF POSITION 1 (TREND LINE 1339 LEVEL) WITH A STOP LOSS AT POSITION 2 (1335 PRICE LEVEL). PROFIT TARGET AT POSITION 3 (1352 PRICE LEVEL). GET READY FOR...
ON THE DAILY CHART PRICE IS MAKING ITS FINAL PUSH BEFORE A BREAKOUT FROM THE BEAR FLAG PATTERN. PRICE WILL MAKE ONE MORE FINAL DESCENT TO THE MAJOR SUPPORT TREND LINE. WAIT FOR THE BREAKOUT OF THE FIB AT THE 1355.02 LEVEL. STOP LOSS IS 1338 LEVEL. THERE IS NOT PROFIT TARGET ON THIS ONE. JUST FOLLOW THE TREND.
two scenario for GOLD movement . Now we are in a correction wave pattern , first the price looking for a support before going up this movement can be canceled if the gold price breakout the resistance upr trend line
Gold has double topped at the last lower high and while I am skeptical of a sell right now given the USD index is falling there should be caution when taking a long position. We need a higher close above the lower high to safely buy into Gold which may come later in today's session, otherwise if the USD index re-bounds (see linked trade analysis) we could short...
What you should know about Non Farm Payrolls this Friday by #ForexSQ goo.gl The divergence XAU/USD showed on daily graph was followed with a break of 1335 support where Fibo 23.6% of the latest upward movement is located. Daily graph show that prices are around the lower line of the Bollinger Band also CCI is correcting oversold reading -220 but still stays below...