Gold: Week11 Friday
Updated
Hi Guys,
since my last post on Tuesday, Gold made a run to hit 1.320 following FOMC meeting on Wednesday. The precious metal received a boost after the US Federal Reserve signalled no further rate hikes this year and balance sheet reduction.
Following FOMC meeting though, Gold retraced 0.618 Fib of the move made the previous day and AToW is struggling to keep momentum on going above 1.310.
If you remember the idea I posted on March 13, Gold is right in between 1.320 and 1.310, exactly where the right shoulder was supposed to be but a week later.
In addition to the above please note that the bull run commenced on Aug 16 may have terminated at 1.350. Please have a look at the post "GOLD:H=Top of the Bull Run" in the related ideas linked below.
According to the daily chart presented, please watch out for Gold when crosses the 44SMA for the downside and, at the same time, 1.300 level (round number and psycological support) if you are bearish. On the contrary, if you are bullish, watch for momentum building if price crosses 1.315 and, at the same time, RSI gets overbought.
On the hourly chart to note the common bottom formed in week9 and the ascending channel in week10 and week11 supported by 200SMA. Potential LS at 1.320 of a H&S pattern that may have been completed. If 200SMA do not support and is breached Gold bias may turn into bearish.
Thank you for your support and for sharing your ideas.
Don't forget to put a like if you appreciate the post and to follow me if you want to receive notifications on new and updated ideas.
Disclaimer:
Please note that I am not a professional trader and these are my personal ideas only. The information contained in this presentation is solely for educational purposes and does not constitute investment advice. The risk of trading in securities markets can be substantial. You should carefully consider if engaging in such activity is suitable to your own financial situation. Cozzamara is not responsible for any liabilities arising from the result of your market involvement or individual trade activities.
since my last post on Tuesday, Gold made a run to hit 1.320 following FOMC meeting on Wednesday. The precious metal received a boost after the US Federal Reserve signalled no further rate hikes this year and balance sheet reduction.
Following FOMC meeting though, Gold retraced 0.618 Fib of the move made the previous day and AToW is struggling to keep momentum on going above 1.310.
If you remember the idea I posted on March 13, Gold is right in between 1.320 and 1.310, exactly where the right shoulder was supposed to be but a week later.
In addition to the above please note that the bull run commenced on Aug 16 may have terminated at 1.350. Please have a look at the post "GOLD:H=Top of the Bull Run" in the related ideas linked below.
According to the daily chart presented, please watch out for Gold when crosses the 44SMA for the downside and, at the same time, 1.300 level (round number and psycological support) if you are bearish. On the contrary, if you are bullish, watch for momentum building if price crosses 1.315 and, at the same time, RSI gets overbought.
On the hourly chart to note the common bottom formed in week9 and the ascending channel in week10 and week11 supported by 200SMA. Potential LS at 1.320 of a H&S pattern that may have been completed. If 200SMA do not support and is breached Gold bias may turn into bearish.
Thank you for your support and for sharing your ideas.
Don't forget to put a like if you appreciate the post and to follow me if you want to receive notifications on new and updated ideas.
Disclaimer:
Please note that I am not a professional trader and these are my personal ideas only. The information contained in this presentation is solely for educational purposes and does not constitute investment advice. The risk of trading in securities markets can be substantial. You should carefully consider if engaging in such activity is suitable to your own financial situation. Cozzamara is not responsible for any liabilities arising from the result of your market involvement or individual trade activities.
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