KnightsofGold

KnightsofGold

If this channel is valid then we’ve broken back within it. That would make the break up around the 20th an FBO or a bull trap. We can see that liquidity area above and now there’s demand below around 1665. Again, on this chart we would expect a short spike down at some point and then a resumption of the retracement. Having said that…..Gold is not giving...

KnightsofGold

Clean break of the symmetrical triangle. Now what we don’t know is if the 1816 level was the retest of the break and couldn’t be sustained. If not, then that is a possible the we will revisit the 1820-30 level as a possible target for bulls. This area is of interest to us on the daily chart as it presents an ideal short opportunity for lower price levels. ...

KnightsofGold

We’ve approached a key juncture here, it’s the bottom of the trendline on a long term timeframe so we would expect there to be a lot of buyers entering the market here. We’ll look at the shorter timeframes to get a clearer picture but we see a high possibility of the price retracing back up a little to our key resistance levels. We wouldn’t be surprised to see a...

KnightsofGold

If you look back at our previous posts and charts you'll know that our target for the last few months has been 1750. We managed to trade this all the way down from the low 1900's and now we're closed for the month. The chart trend is broken, we're looking for this to settle now to see where we're going next. It seems gold is still not done with the move down,...

KnightsofGold

Good morning. We're expecting our long awaited target of 1750 as our first stop at some point today, the price looks like it can go a lot lower if this level doesn't support. We're waiting for a small retracement towards 1770 to scale in and then potentially 1784 for our next short entry. Dependent on the target not being reached beforehand. ...

KnightsofGold

Thats the test of the low and the former pattern, should complete around 1770 and support there. Likely we'll get a retracement tomorrow or into the US close. They've been flushing gold and we don't think they're done yet!! Keep an eye on the levels. Trade safe. Support - 1770/1762 Resistance - 1783/1783-5

KnightsofGold Updated 

We're waiting for the next candle to open and a retest of the 1784 level. We may test the long here back up towards 1797. All based on successful support below. Using a small lot here with a tight stop. If the level breaks the next support below is around 1772.

KnightsofGold

So this is what we're looking for. For a push further down towards the 1770 level we want the price to go up first and resist at the 1800-1805 price point. For a move up, we want it to test the low, fail to break it and then go back up, its likely it will break the 1800 level and push up towards 1820-30. Its already tested a pattern neckline down below, theres...

KnightsofGold

We took the short earlier, pip-to-pip capture. Please see the linked chart. Now we're looking for support below on the retest of the level. If it supports we'll test the long trade to target the above level. We're still overall bearish in this market, however, we'll take the trades when the opportunity presents itself. Most probably no more trades for...

KnightsofGold Updated 

Following on from yesterdays chart. We're looking for the price to come back towards 1788-85 levels before we decide whether to take the long to target 1820. We're scaling in, ideal entry for this trade would be around 1810. Todays levels: Support: 1803 1798 1785-83 Resistance: 1810-11 1820 1826

KnightsofGold Updated 

1H timeframe. We're looking for a pullback towards the 1788-86 level for our first test of the long, below that we'll look for a short spike down towards 1781-79 to take another entry. Initial target is small, 1806 first then 1810. We'll decide whether to partial close or to close all of the positions at that level when we get there. Small lots, stop is a...

KnightsofGold

You can tell DXY wants to go higher, its just being suppressed by the powers that be. We're looking at this potential double bottom retest, which if correlated how they should should mean a short-term move up in Gold. Rejection at the support and DXY again is ready to fly. Now what we need to take into consideration is that there a lot of traders long on the...

KnightsofGold

Please zoom out to get a clearer picture. What are we looking at here… You can see the trend and levels are being respected. Now what we want to see If we’re going up is support around 1775, this will form an inverse head and shoulder pattern on this timeframe as well as a double bottom on the daily timeframe. For us that would be enough confirmation to...

KnightsofGold

Here we want to see a retest of the lower level around 1770, rejection here and gold will confirm a double bottom. We’ll look to buy around these levels and target 1808-15 initially. What concerns us on this chart is that there is a pattern that wasn’t retested and the target is around 1587. We’re not saying its going there, however, technically the right gets...

KnightsofGold

Please also refer to our monthly trend chart which shows what we're seeing in terms of the fractal. Looking at this chart you can see we still have room to go lower. We're going to look more closely at the lower timeframes to get a clearer picture of where me may head over the rest of the month. We’re due a technical retracement so the levels we’re looking at...

KnightsofGold Updated 

This is what we're looking at today. If you've entered a long at the bottom probably worth holding it, see what sort of reaction we get around 1792-95. We're expecting this to go lower down so we may test a short at the mentioned level. Lets see what happens if we get there. As always, trade safe.

KnightsofGold

This is what we're looking at right now. We're in a similar symmetrical triangle to the other day when it broke out. Is tomorrow the day we get our low? We have to wait and see. The levels are on the chart, breaking the short-term trend will put even more pressure on Gold to decline towards the 1720 level. Our immediate level at the moment is around 1762...

KnightsofGold

If you've been following you'll know that we've been short on Gold for the last couple of months. We're still holding positions from above. This chart is for reference only, we posted a similar chart a week or so ago saying we were waiting for the break. Not saying its going straight down, our target of 1750 is getting closer. As always, trade safe.