Let's start by saying that next week there is no big data concerning the USD , so from a fundamental point of view we should be ok.
We can take into consideration the technical point of view...
Last week forecast was spot on, PERFECT. For everybody that followed the analysis +600 PIPS made.
Gold has been ranging from @1680 and @1740 for a while with a couple of...
An update to a previous idea - CLEANER CHART
From what i can see gold is consolidating on all lower timeframes, it is testing support and from what I can see we are ready for a crash
Price was previously on a downtrend and made a big recovery and just kept rising.. If OIL is anything to go on it did something similar before dropping and as we all know patterns...
As seen previously once price broke the support line it took a big drop but recovered quickly. Its safe to say once its broken again it will take another huge drop.
My reasons for this are the fact Gold has kept rising despite all technicals showing that it should be ready for a sell. I appreciate Gold is a safe-haven but there's only so much manipulation...
My outlook on gold at the moment. We have a complete head and shoulders on the daily timeframe with a perfect neckline formation. I am bias long with gold set for 1800, however I can't ignore this technical analysis. All formations on each timeframe looks set for a big drop! There is a small head and shoulders forming on smaller timeframes (1HR and 30M).
Mainly looking for a short position on this pair as the analysis is showing but make sure to get a bearish conformation in the highlighted area (as shown) before you enter in this trade. Please leave any feedback regarding my analysis would be much appreciated. Thank you.
XAUUSD / GOLD -
Massive sell off!! Coming all the way down below last months high!
Possible FAKE OUT for all the buyers expecting 1800 now!
I feel we can push higher here find rejection in the area highlighted, if we do around 1750-1755.00 I would be looking to SELL !
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We have confirmation that GOLD is bullish for the coming weeks, however, any dips are going to be short-lived. So, we are going with the third scenario that we expected.
Target 2: 1950
Target 3: 2000
In my analysis, any deeper dips will be another buying opportunity for traders and earn great risk to reward.
Watch out for Gold to break out on either side. There are 3 possible scenarios I see with GOLD.
1) Reversal from the current point
2) Touches previous high and dives
3) Makes higher high and breaks out of the structure
Probably 2 sell and 1 buy opportunity coming soon.
Seeing Gold reject the laster LH's and not being able to keep above when breaking. Looking weak to break the next level of support in to the lower lows of 1670..
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This is an update to my previous chart, I appreciate the last one wasn't that informative so I've done a bit more reading and i believe this one paints a better picture :)
Price is heading down on the 1h chart and there is divergence spotted on the 4hr as well as the higher TFs
The highlighted red zone is strong support for GOLD but once its broken its a...
- 4H TF showing an evening star formation from strong support levels then a retest of the broken area highlighted. May be looking at an opportunity to buy after a lot of momentum has been built this week.
- 1H TF you can see something which we may expect a small pullback into previous support being 1700 and signs of price rejecting support we can look to take a...
Gold is currently consolidating in the highlighted area before it plummets through the earth.. there is divergence across all time frames, and a lot of price rejection.
Gold usually follows the same patterns as oil so we can expect to see price reach an all time low ;)
Just wait to see if price breaks 1670.00 - then ride it all the way to the bottom