. There is a possibility of temporary retracement to suggested support line (1494.30). if so, traders can set orders based on Price Action and expect to reach short-term targets.
. XAUUSD is in a range bound and the beginning of uptrend is expected.
.The price is above the 21-Day WEMA which acts as a dynamic support.
We are looking for price to push down to our buy zone as you can see the touch of the trend line comes with confluence in the way of old resistance turned support... this is where we will be looking at taking long trades. In trading you must be patient and allow price to come to you because if you dont you will get f#cked.
Now then what are your new year...
I was asked a lot to give you an update for gold .
since my last post we see just minor changes:
currently, the price is coiling within an expanding wedge pattern.
I believe that we will see a new higher high with the wedge soon.
But remember that 1482 - 1486 is a strong zone of supply
and we will anticipate...
looks like consolidation on gold proceeds.
1455 - 1460 is the area on my radar,
it looks like the market is forming a bearish flag pattern
and we can expect one more higher low formation and further consolidation within a channel.
Let's see how it unfolds this week!
*for now, I don't have any...
we caught very nice profit on gold this week following my trading plan.
yesterday the market has broken and closed above a key structure resistance
and I believe that bulls will push the market even further!
Next target levels are
1492 and 1508
1551 area formed support after big sell off, been a crazy couple days. where to now? leave your thoughts. my opinion is if price stays above blue line, price may push up. If price breaks below that line we may be entering a big sell off period for gold. Any more surprise attacks and we may see gold spike again.
This week gold will retest its highest resistance level seen in around 7 years. I expect a lot of resistance here, which will drive the price down, before ultimately driving the price way up as the bulls take over. Time frame? I am not sure, but i do know that a brilliant short opportunity on gold is in sight. overall for the coming months, I am bullish on gold...
Time ran out, did not get chance to show analysis on oil, will send it to the telegram below.
Loads of great set ups in the making here, hopefully the volume can pick up and we can get some clean entries.
t.me (Join now for free) won't know unless you try!
my take on gold is that if we close below the first white resistance line i have marked, then we may possibly see heavy sell pressure going in to 2020. That is my take however it can really go either way, so trade with caution.
When you look on higher time frames you see things more clear, if you look at this chart you can see we have drawn on some clear support and resistance levels ( green lines ) and look how well they were respected price hit 1545 level and failed to break after 4 months of bullish movements, since then price has tried to break this level again and again failed so we...