Gold/USD is at the key support zone having the Stochastic RSI "Over Sold". Appealing condition for the bulls to take the control at-least up to the next resistance. I'll be waiting for the price to break above the pink trend-line (as shown in the chart).
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Basically, I got inspired by @Technician with his journey and wanted to try the same.
Such journey actually suits well for a journal later on, that I can use for my trading record, and that represents real performance.
Since the trading view is a great place to post such charts since they get recorded in history and you can get back in time whenever you want...
Well, we made that far, and on my radar, I am waiting for last push ( what I need ) to 1307.
I will not enter buys anymore here, I have:
1229 Stop moved to 1270
1233 Stop moved to 1270
1263 Stop moved to 1270
1279 Stop moved to BE
That are waiting to be finally closed at 1307.
I will not enter anymore at this point because there is no clear level where one would...
Can you Trust the Line?
On original Chart, you can see one version.
Let's see other Version.
Everyone will have his own opinion and reasons why it has to be drawn different.
And everyone will have his own opinion whether the magic line is broken or not.
What I am looking at is 2 targets.
We completed first one, almost about to complete 2nd one, and hopefully...
Gold has been gaining a lot of strength in May primarily due to the dollar weakening and volatility in the US/UK politics. Look out for a break at 1300$. However, a potential pullback to the support trend line at the 1150-1200$ levels is possibly. If a pullback takes place back to the 1200$ levels, Look out for the 5 years resistance breakout at 1270$.
Holding May 4, 1229, May 5, 1233, and Yesterday opened at 1263 - positions.
Pivot for Tuesday and Wednesday ( today ) is 1260 and Gold could not break it to get to 1255. I am still expecting it, but it may not come. If so then small retrace is done and gold can continue to reach the target. Two rejections, no clear break... But still, if goes for 3rd attack can...
Open positions
May 4 - 1229.x x
May 5 - 1233.x x
May 26 - 1254.x x
Friday close price gave somewhat mixed signals, but there are some levels that are asking me to buy Gold on Monday on opening at market price.
Furthermore Friday Close adds one more target 1283.xx
For 3 running positions Stops are at BE.
Gold price is almost at 1275.x x target shown in...
XAUUSD : GOLD 1 Day chart is testing important resistance level. It is best to observe before taking any long trade as gold love 1200 Psychological Level.
Open Positions:
May 4 1229.xx
May 5 1233.xx
May 24 Gold intraday level show it could climb up to 1259.xx after breaking 1251.9, which was reached, but drop to 1244.xx was anticipated as well. Gold drop to 1247.xx and close 3rd position from 1248.xx opened May 19 at break even.
I said I would try to buy back 3rd position at 1244.xx but didn't happen.
After...
Total 3 buy positions at the moment.
2 trades,
One at 1229 ( May 4 ) and Second at 1233 ( May 5 )
May 20, 3rd entry at 1248 for shorter term target 1262 and 1269 ( they were intraday, but not reached, but remain to be seen )
All trades target 1307. SL's moved to BE
Only two scenarios Either hit target either BE.
GL
XAU/USD is currently in a very bullish trend and it can extend it's gains by 200 pips.
Make your own analysis before investing, and invest whenever you got your confirmation as well as money manage properly.
Happy trading!
Since price has been following upward to retest resistance (down/green) trendline, it can attempt to test other resistance: the past high swing & resistance at that price as is (blue line).
Test of these prices resisted may be needed to ever start a short condition, yet Daily TF:(Following image) shows attempt at resistance (MBL slightly upward (yellow line), but...
