Gold had a tremendous sell off last week, this can only mean one thing, profit-taking is round the corner.
I expect a significant pullback into the levels marked out after price liquidity purges its most recent lows.
Price has broken structure and now we can look for a pullback to previous support, now resistance..
XAUUSD has also made a new daily low so we can expect price to continue falling but i think this is a small drop before gaining new highs
We can see price is in support and formed 2 daily Doji candles which can be a sign of a trend reversal or a pullback.. Either way, I see Gold going up..
Will have to wait for confirmations on lower timeframes
Gold is perfectly following the bottom trendlines creating higher lows and looks a good buy entry. SL - 1800
However if this trend is broken we will see much more losses to around 1750 area.
Currently a clear downtrend!
My prediction is it will go back up and may even break out of the downtrend!
If we break 1800 i would wait to see its next moves
We had some relief in the markets from the Friday sell-off, and maybe that was due to MLK day, or basic technicals.
Today things look bad, at least from our morning analysis, for Metals and Indices and they are the first two assets that have been added to our watchlist and they both indicate sells.
Regarding this sell setup idea, we have an over all...
XAUUSD has broke out of this bull flag with a lot of momentum
I haven't entered yet as was being cautious waiting for a retest - in crypto you get a lot of fakeouts, in gold clearly not so often lol
I don't think it will retrace all the way back to the top line of the bull flag, so have drawn on an estimated path of a pullback
Going to set alerts for this zone and...
Just an update to the last chart
We can see the blue highlighted area as an area of interest, I expect to see some form of rejection and then the trendline to be tested before we can go long on this pair
After continually keeping an eye on TVC:DXY and its continual bearish nature, and the current post election uncertainty, I am still going to continue to look bullish on gold. After the double bottom hitting confirmation line and playing out perfectly, I'm looking for the 2000 mark to be hit again with next few weeks, until that point, we play for the dips and...