This is the first trade idea I have posted on tradingview and is the beginning of many. The artistic nature of technical analysis means that only through constant focus and discipline will my abilities improve, therefore I do not post this for anybody else except myself. I am on way to becoming a skilled chartist that is consistently profitable and this is my...
1310.79 is an area of strong support turned new resistance ( old support orange arrows )
We also have a strong trendline ( TL ) which has been touched more times than... well something that has been touched a lot ( I wont put anything rude as I will get banned, so just use your imagination.... if you have 1 ) ;p
So we are looking for price to close below our...
Whilst remaining in a bullish pattern XAUUSD seems to not be able to break the previous highs. A small trend reversal seems imminent to 1278 at which it will meet slight resistance. Keep in mind that XAUUSD is able to fall to 1260 to remain in an overall bullish trend on monthly view. However, for now a re-trace seems inevitable.
'Bear' in mind this is a simple...
Expecting GOLD to drop next week. GOLD didn't make many moves this week at all. GOLD never normally goes 5 days with such weak moves. What does this mean?
Accumulation to collect orders at such a high price. We saw gold fall a bit Friday and recovered very quick. But, still down for the day. I would like to see some profit taking from the banks with it being...
The Monday open squeezed out the bull run along the continuing trend line.
Action from the close pre-Sunday was volatile on the hourly. a lot of volume.
Standard volume action but the volatility has given $XAU a strong bed of resistance.
I remain short gold. It was not even able to touch the break-down resistance line, which is an inherent sign of weakness. We are now falling back into the original box we broke out of in October, again pointing to weakness.
Any hesitation in the Dollar's inevitable rise will produce a bounce to add to a short. I will short any bounce against the October 22...
Following daily trend lower with confirmation from bearish candle closing below 1220 support
Scenario A) play break lower to 1205
Scenario B) Price rebounds for second touch of 1220 before downside resumes to 1205
Main bearish argument
The bearish engulfing candlestick which engulfs the prior 3 weeks means lower prices to come
Any rebound could be capped at $1290-92, previous support and 50% Fib of cent leg lower
Alternative bullish argument
A rising trend line connecting the July 17 and Dec 17 lows could be support for a longer term uptrend