Tonnes of confluence on the weekly chart for Gold to bounce off at 1358 as shown in the chart.
1. SMA support
2. 50% fib support
3. Descending Channel Support
4. Ascending trendline Support
Until then, I will be shorting it any opportunity I get! Will play the ranges in the descending channel.
Monfex is at your service and today we overview XAU/USD.
Gold broke the ascending channel. For now we have the descending movement and the price at the moment near resistance line with MA100 and the big volume zone that is our main point for short.
There is a possibility that this is a big bull flag, which is aimed at new highs, but the support...
Gold (1H) - short term bearish bias
The precious metal is still under water after dropping below the pennant formation. The price rose back to test the lower band support-turned-resistance and was met with stiff selling pressure. The current consolidation is expected to be short-lived and the price is likely to head south from the moving averages. The RSI has...
though we see some correctional movement on silver
my outlook is still bearish .
currently, the market is standing just beneath the major falling trendline .
I expect that selling volumes will accumulate and we will see a bearish breakout of a bear flag .
for us, it will be a perfect selling signal.
Gold prices dipped to early-October lows on Friday as investors were cheering a partial US-China trade deal. As a result, Washington decided not to raise tariffs on $250 billion worth of Chinese imports from 25% to 30%, which brought some relief to global markets. The bullion registered a weekly low just below the $1,474 figure and finished at $1,488 on...
Another higher low forming on gold.
Got a nice rejection of the fib 0.786 retracement level and the broken bullish TL.
Looking for a lower lower to be made on this timeframe swell as the daily. Hence my target target profit of $1455/$1450
XAGUSD (D) - medium term bearish bias
Silver is currently in a triangle consolidation pattern after it reached the key resistance level of 19.60. The RSI divergence first gave us an indication that the bullish fever could soon run out of steam, as the price action was losing its upside momentum. The latest MA bearish cross is another sign that the short side is...
Think we might head down to 200ma weekly support & also previous resistance here.
As gold might suffer a little next few weeks as other metals improve like copper nickel due to trade talks looking good
I still believe these need to get back and correlate with each other somehow.
which means there need to be major dollar weakness somewhere along the line.
Could this be the start of it.. maybe the US/China trade war will go badly....... but i cant see it.
While the price is above the support 16.55, resumption of uptrend is expected.
We make sure when the resistance at 18.75 breaks.
If the support at 16.55 is broken, the short-term forecast -resumption of uptrend- will be invalid.
We will close our open trades, if the Midterm level 16.55 is broken.
The Falling Wedge taking...