Friday turned out to be very bearish for Gold .
The price lost almost 1,5% of its value.
Analyzing a current intraday price action on 4H,
we have a perfect foundation for an ascending triangle formation:
so far we have two equal highs and two higher lows.
As we know, ascending triangle is a classic bullish...
Silver has had a shallow retrace to the .236 level of the first wave. Providing an upside break of this ascending triangle (and hopeful retest as support) this would be a great set up to push towards the next Fibonacci extension levels (posted below).
The line target is a clone of the height of the triangle.
Gold is trading in a sharp bullish trend since the beginning of April.
From the middle of May, the market became extremely overbought and finally, we saw a retracement this week.
The price dropped all the way down to the support of a rising parallel channel .
With a consequent bullish reaction, we see a...
Gold managed to violate 1875 major structure resistance level and close above that.
Now that structure turned into a strong support.
Being heavily overbought, I believe that soon we will see a pullback.
Taking into consideration that the price is coiling around a resistance of a major rising parallel channel...
Gold keeps growing since the end of March.
+10% net growth so far.
The market looks overbought and quite soon we may see a retracement leg.
To catch that stay focused on 1855 - 1875 structure resistance cluster.
It is a very important historical zone.
To short it wisely, follow a rising parallel channel .
Wait for its...
25.75 is a major support, while this level is not broken, the Midterm wave will be uptrend.
We will close our open trades, if the Midterm level 25.75 is broken.
While the RSI support #1 at 48 is not broken, the probability of price decrease would be too low.
A peak is formed in daily chart at 28.55 on 06/01/2021, so more...
Gold made its first impulse move down to 1809 and start correcting itself yesterday. It has now completed the correction in the form of an A,B,C wedge and rejecting off a strong resistance. Shorting from here for 1795 target. If market carries on moving up, my next shorting zone will be 1855-1862.
I will be catching this move on behalf of myself and my Account...
Gold is currently retesting a major daily support cluster-based on 2020/2021 price action.
It looks like the market is preparing for a trend reversal and initiation of a strong bullish impulse.
To catch that, wait for a daily breakout of the underlined structure (we need daily candle close above).
Then the broken...
looking like a reversal may have start on gold for the short term
we had a head and shoulders best seen on the 4h chart last week
we've just retraced between the 0.61-0.79 fib levels meaning we could continue the move down from here
a break of the trend line currently sat between the 1860-1850 levels we be a sign that we could see low 1800's/high 1700's
As we can see, SILVER has been showing growth since March. 5 times he tried to break through the $ 28 resistance level, but to no avail, there were only false breakouts. Now the price has approached the resistance level again and is trying to test it. If the price breaks through the resistance level and consolidates, then growth is possible. If again there is a...