We can see a potential reversal from a summer rally of Gold for the remaining part of the year. Over the last few weeks - Gold has been reluctant to reach the summer highs. It broke below the 1500 handle. It has been playing within this bearish flag for some time now. As DXY has a potential pullback this week, we can find out if XAUUSD will break above or below....
I am frequently asked about my opinion on investing in gold on current market prices.
though I have already expressed my opinion on this subject multiple times,
here is the answer from a different angle.
Analysing gold on weekly we can quite easily identify key structure levels that are important for the market...
Gold is now in a bullish flag pattern on the weekly. Price consolidation has been going on for few weeks and may continue coming trading week. 1480 has proven to be strong, however, gold may want to re-test the lower channel of the flag again in order to determine how strong it is. In any case, 1480 level seems critical to any breakout to the upside for the metal...
Tonnes of confluence on the weekly chart for Gold to bounce off at 1358 as shown in the chart.
1. SMA support
2. 50% fib support
3. Descending Channel Support
4. Ascending trendline Support
Until then, I will be shorting it any opportunity I get! Will play the ranges in the descending channel.
I assume the exchange is building a fractal sequence a week ago. This theory is contrary to those who see the exchange rate in a downward channel. In my opinion, the correction sequence is one that shows that the exchange rate is constantly building up the fractal base needed for the rise. If you look at the "blank squares" in the analysis, you can clearly see...
Monfex is at your service and today we overview XAU/USD.
Gold broke the ascending channel. For now we have the descending movement and the price at the moment near resistance line with MA100 and the big volume zone that is our main point for short.
There is a possibility that this is a big bull flag, which is aimed at new highs, but the support...