GOLD has bounced off the 23.6 FIB level, and is currently at previous resistance
Looks to be forming a bearish shooting star doji.
RSI also oversold.
Will be looking for more confirmation of bearish move for trade entry.
So used a bit of Ascending Triangle chart pattern rules along previous major support and resistance levels and came to this conclusion.
I think it will continue to tip toe on support level and possibly touch the ceiling again. All before major breakout.
Will be watching this one with an eagle eye :)
With uncertainty about where the dollar index is likely to go i believe investors are looking to buy Gold as a safe haven until, on the hourly chart i can see a sell off from the recent spike is likely to hit the 0.382 fib at 1221 until we see more buyers come back in.
After the interest rate decision and the dovish tone from Yellen we have seen the price in Gold spike back up to resistance dating back to May 2016, i will be looking to short gold at 1240 should it respect resistance or look for a bearish candle on the daily close to see a sell off back to 1200, the dollar index will also be a key tool to decide price action.
"The eye sees what it chooses to see"
Might be a good long one here. But as we all know might not.
Basing on wedge formation hitting support twice on higher lows and resistance level keeping lower highs at bay.
Will wait for a possible breakout in maybe 24 hours?
Forex newbie so feedback welcome please :)
Hi guys if you have been following for a while you will know i have been watching Silver tirelessly. We managed to get the move down eventually with only one loss along the way at 0.5%. Turns out this was the move and we may see a chance for an addition ( another short)
The FOMC will release its latest rate decision at 1800 GMT today, with unanimous expectations for a hike by 25bps to 0.75-1.00%, while the Fed are not likely to signal a steeper path in the immediate term. Yellen’s press conference will be in focus with participants watching for any comments in relation to the balance sheet. A hawkish view from Yellen could be...
We have evening star on the daily, given the daily closes like that. Bearish engulfing has breached the ctl coupled with crossover And H&S formation on the 4hr
I do think gold will find support and then appreciate
We have a swing Failure at a key weekly level. USD/JPY has been stuck in this range and we had a fake out at the end of last week so I see prices going lower. I am looking for shorts down to 111.70 for 1:4.8 risk/reward. FOMC is tomorrow so we will have to monitor this trade through that