Buying Opportunity at confluence Support and Line Fibo area
XAUUSD is approaching our first support at 1328.73 (horizontal overlap support, 76.4% Fibonacci retracement) which coincides with our short term ascending support line. A strong bounce might occur above this level, pushing price up to our major resistance at 1340.80 (61.8% Fibonacci retracement, 61.8% Fibonacci extension). Stochastic (21,5,3) is also approaching...
Excellent technical ability for shorts. formed a hammer on the daily chart. This is the third vertex and it is lower than the previous one.
Happy New Year, fellow traders! Gold has finally stopped after almost two weeks of rally and currently has reached a resistance. I see a potential for a sell trade with SL slightly past 1330 and TP just above 1300 to be safe. In addition to the technical analysis, stronger US Dollar and Stoch RSI also indicate on a potential for a sell trade.
I. Supporting Idea: 1. Head and Shoulder - strong bottom 2. FED interest rate II. Main idea: XAUD goes up III. Trading plan: wait for signal confirm: break the line
It is necessary to point out the new resistance level 1291.60 - 1294.20, which contains large volume that has stopped the growth of the price. Now gold is trading a little bit below this mark. Given the sure growth we should give preference to long positions, but only after a breakout of this fresh level. The move should be sharp and supported by increased/large...
Despite the fact that the price remained trading in the local consolidation, it is necessary to note a fairly sharp fall of gold on fairly large volume. It is also worth highlighting the new volume support level 1272.20, which was formed during this downward movement. In addition, this level is the lower limit of large volume accumulation, which is concentrated...
It is funny how a single player make use of market structure to make a successful campaign...
Secondary test will lead to a shake out... Inertia steel above 50 on the 4 hour confirming that the uptrend is intact... 1 hour already oversold with heavy accumulation on increased negative momentum leading to a secondary test... After it surplus will happens ... waiting for the 200 ema to show support is an smart decision since limit buy orders sit there and...
XAUUSD (Gold) Short @1291; TP @ 1260, SL your choice