A falling trend breakout on H1 as the spot clings onto the critical triangle support looking at the retest of 1960.00
💱 BUY LIMIT
📊 Entry: 1935.00
📉 Target: 1960.00 (250 points)
📈 Stop Loss: 1925.00 (100 points)
It is no secret that all central banks are now willingly and actively printing currencies to keep stock markets afloat. The U.S are leading the way and the dollar is weak. Against other currencies that are also seeing money supplies increase, the effects of increased Dollars is diminished but against Gold, which cannot be printed, we are going to see large...
Gold has been on a crazy run recently assisted by the coronavirus pandemic and more recently, the USD weakness.
I can see some signs of momentum slowing here but shorting is risky long term with such uncertainty in global markets. That being said, today there is some nice rejection of the daily pivot level and price is breaking below the 1hr 50ema after crossing...
Currently longing short through the US session. Reflecting back on preview trend following the support and resistance which is very well supported when trading gold. Went long on XAUUSD on wednesday around the 1700 area catching 100 pips each time after consolidating within each zone highlighted on the chart. Can see gold finishing shy of 1740 for the end of May!
Gold has broken through a key area of Support (1300) and has already retested this same area. There's a Head & Shoulders pattern forming as an added confluence that it may retrace back before making another movement down.
-First targets could be at the neckline (1290), If it manages to be break the neckline we could see price head to Previous Daily lows (1280)
Gold has really been falling of a cliff this past week or so, with very little in the way of a pullback (for short entry) since the break of the bullish trend line around the $1230's area.
I know I have posted a few potential set ups where Gold could have pulled back for entry, but unfortunately they did not play out - which is not a problem, as we would not have...
Firstly - please excuse the quite busy/crowded chart here - usually my charts are a lot cleaner.
Anyway, as you can see from my last idea on Gold, we are quite possibly nearing the end of it's recent bullish run.
Momentum seems to be slowing down, we have reacted quite nicely from the 61% Fibonacci retracement and broken a reasonably long term...