Tonnes of confluence on the weekly chart for Gold to bounce off at 1358 as shown in the chart.
1. SMA support
2. 50% fib support
3. Descending Channel Support
4. Ascending trendline Support
Until then, I will be shorting it any opportunity I get! Will play the ranges in the descending channel.
Monfex is at your service and today we overview XAU/USD.
Gold broke the ascending channel. For now we have the descending movement and the price at the moment near resistance line with MA100 and the big volume zone that is our main point for short.
There is a possibility that this is a big bull flag, which is aimed at new highs, but the support...
Another higher low forming on gold.
Got a nice rejection of the fib 0.786 retracement level and the broken bullish TL.
Looking for a lower lower to be made on this timeframe swell as the daily. Hence my target target profit of $1455/$1450
Looking to retest the 1476 area. Gold has been dropping over $10 each time bears take control after each zone has been tested.
TP 1: 1488
TP 2: 1480
TP 3: 1476
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For the past 5 days or so, gold has been reluctant to break below 1488. With a decline yesterday, it's been pretty predictive that the metal likely to rally today. Will the rally take it above the upper line of the falling wedge or gold will attempt to re-test the lower part of the wedge again?
Gold is shortly approaching a well respected trend line around the 1483.25 price mark. Signs of a potential long forming with breakouts to highs of 1505.00 price regions.
Potential 3.45 risk/reward ratio
I still believe these need to get back and correlate with each other somehow.
which means there need to be major dollar weakness somewhere along the line.
Could this be the start of it.. maybe the US/China trade war will go badly....... but i cant see it.