Gold is trying to recover. Still in the downward channel, now at a key resistance area as shown in the chart. Also has 50EMA confluence there.
Watch out for the action around this key zone. Can determine the direction based on breakout or breakdown at this key zone.
1) XAUGBP has broken out of what looked to be a descending triangle pattern
2) Price closed above 20/50/100 EMA after thursdays rally and held above this on friday
3) XAUUSD rise will give positive sentiment to gold (correlation)
4) Biden victory
5) GBP weakness seen all of last week
6) Linked to point 5 - Brexit uncertainty / news releases...
Looking for gold to put in a cycle low around September 7th before a strong move higher.
Will be looking for longs inside the green rectangle early September.
Keep an eye open this is a nice opportunity I think.
Gold priced in GBP£ is nearing all time highs as the British pound continues to see bearish sentiment.
Will we See gold break all time highs and hit £1200 per ounce??
we are currently seeing some consolidation as the market decides on what to do next, we may see a pullback towards our Fibonacci support and previous resistance area before a move higher.
Great setup broke 1000 level impulsively now we are forming a bull flag. I will look for a better entry at the bottom of the flag and I will look for a stoploss under the £1000 level. This is of course in correlation to XAUUSD which is pulling back too support will be looking for a long there too.
Gold priced in British Pounds has made a tentative break today.
This is not necessarily a Gold trade, but a warning that the British Pound is weak, and a further breakdown is imminent. Gold is caught in a bullish Dollar's crossfire, but Gold relative to GBP is telling is that a substantial currency move may be coming.
The GBPUSD has been grinding support for...
This is an interesting chart. Gold priced in Pounds was rejected at the Hypotenuse resistance of a descending triangle, reflecting a bounce in the Pound.
This is a bearish formation and indicates either a) incoming extreme Gold weakness, or b) a period of possible GBP strength.
Since the fundamentals favor the Dollar, I am prepared to bet against its...
Bullish longer term, waiting on confirmation from the charts to follow on from events in the political spectrum.
If you are a British citizen, you can buy gold (and silver) sovereign coins that are exempt from capital gains tax . With this amount of volatility, there is No need for margin/leverage trading.
"Capital Gains Tax is exempt on all British legal...