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
-We've reached a price where several fibonacci levels confluences from different timeframes.
-We have a historically strong support and resistance level.
-At this current level we see a double top being formed on hourly.
Depending on rules, there's also a big bearish gartley pattern completing its D leg at this level.
Preferably, I'd like to see a break to ...
we are looking for the D leg completion at 1341.42 if these levels are achieved. it could possible send us on a downward trend looking to achieve a target 1 at 1289.11 with a 2nd target around the 1256.34.
retest the sideways market we had on the 1hr tf but on 4hr tf we had reversal candlestick. price broke and retested the consolidation and showed some bearish PA on the 1HR tf. Me personally i don't trade gold but this is a good short entry but for only for a day or two becuase of the focus on the low tf analysis but hey lol. BUT! if your looking at long term view ...