Gold finally showing direction, but will it last...
So last week I suggested gold was treading water looking for direction. Well a mighty push up of $22 on Friday seems to have confirmed it has found a positive direction, but will it continue?
On a technical basis there are issues as can be seen from the notes on the chart above. On a fundamental basis there...
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...
XAU/USD soars to 1,259.00
After forming an inverse head and shoulders pattern and bouncing off from the weekly S2 at 1,235.93 the yellow metal managed to advance by 1.23% against the buck. In daily perspective the surge the is expected to last until the rate makes a new rebound either from the 1,263.63 resistance level or from a combination of the 200-day SMA and...
Since my last post, my sentiment on Gold has completely changed.
I was awaiting a clear break blow the bottom trendline you can see on this chart. We did not get this - so I did not enter short. We infact got a heavy rally up from the last touch of this trendline, creating new highs and making me think Gold is back in Bull Mode.
From this area here (around the...
Gold has really been falling of a cliff this past week or so, with very little in the way of a pullback (for short entry) since the break of the bullish trend line around the $1230's area.
I know I have posted a few potential set ups where Gold could have pulled back for entry, but unfortunately they did not play out - which is not a problem, as we would not have...
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