Trade closed at break even so nothing lost. Looks like we might finally see some good strength from USD. We have seen price break out to the downside from this little bearish flag . I wont be fully selling until the smaller averages cross the longer term averages. But once they do then i will be ready to sell, which looks what might happen. But where will we go? Ive marked out a couple of likely zones we could see hit. Resistance zones which turned to support on the way up is a nice likely target to hit. Personally i dont think we will see gold trade under 1700 for a long time so the first target would be my prediction before another bull run. GLIYF
i hope you all seen this setup happen on gold . We broke out below of the triangle which shows us its bearish intention. So as always we wait for a retest of the break. Well we got our pullback, but instead of testing the triangle it broke, it looks to of broker the horizontal support it fell through. This is a textbook simple setup for you all to learn and take, bearish candles on the lower timeframe from that zone is easy to take. These type of setups offer us a nice R:R as we can get a fairly tight stop loss. Aiming for the 0.786 fib, but its possible we could only see the .618 fib level. USD strength could come back into play so lets hold this one for now. GLIYF
Last time i looked at gold i was selling from that little resistance zone we just dropped through. Came close to our SL but we saw another drop again with the USD president speaking yesterday. But now my bias is changing on this pair. This big bullish flag looks very nice to me so i would like to look for buys instead as we are still in an overall bullish trend . Ideally id like price to come back to the famous .618 fib and shoot up from there. Wether it will come back all that way is yet to be seen. We could also look to buy on the breakout too. Plenty of pips on offer. IF we get a drop further down take a buy, also look for the breakout. GLIYF
Looks like gold wont be going down to the desired area of interest. The 50% fib level held and looks like we could see a breakout soon enough. I will place a small positions in the breakout, but for a full position i will wait for the break and retest of the support level on the .382 fib. That way i can scale in more if the bull is real. Have a good weekend everyone GLIYF
Markets open soon and its been a while since i looked at gold . For me i'm a liking this big wedge setup. We could get a sell in round about this area for 160 plus pips down to the magic retrace of fib 0.618 for the next bullish push? Takee a look to see where price settles after market opening and tomorrow morning then we could be on for a nice quickish intraday sell before a nice possible buy, let me know your thoughts below. GLIYF
Sunday i last looked at gold and advised a nice little sell from that small supply zone . Currently its working out as planned, we are about 350+ pips up currently and looks good for a TP hit. Make sure as always to lock some profits in as gold can move quickly in these current market times. Dont give back to the market. GLIYF
Now that looks interesting. The random up and down movement was uncalled for but I’m glad it was an easy sell for you.
Last week was a good trading week for me. So, I might take a rest from trading this week. But if I see some good opportunities, I will surely be back.
Last time on gold i sold from that small resistance level of 1900, projection was the .618 fib for the buy. TP was well and truly hit, if you held for more well done. As you can see we dropped through the wedge . But price soon came back and found support on the nice .618 level for the buy which im currently holding. All trades were given on the last post so should of been easy enough to take for you guys GLIYF