Please refer to my original analysis on gold here: (tradingview.com/chart/GOLD/DWAvfWUg-Gold-descending-wedge-breakout-retest/) as this analysis follows on from that,
TECHNICAL
-4 hour candlestick false broke below the daily trend line acting as resistance closing above to form a hammer.
-The subsequent 4h is currently also forming a hammer after breaking below the trendline.
-If the daily candlestick closes within the trend, would this count as a valid reason to go long?
FUNDAMENTAL
I have been watching gold for a while now and realise this trendline is a major point for gold, however the trade tiff between the USA and China in my opinion is bullish for gold.
Would really appreciate any other thoughts, idea, comments.
Thanks for reading,
James
TECHNICAL
-4 hour candlestick false broke below the daily trend line acting as resistance closing above to form a hammer.
-The subsequent 4h is currently also forming a hammer after breaking below the trendline.
-If the daily candlestick closes within the trend, would this count as a valid reason to go long?
FUNDAMENTAL
I have been watching gold for a while now and realise this trendline is a major point for gold, however the trade tiff between the USA and China in my opinion is bullish for gold.
Would really appreciate any other thoughts, idea, comments.
Thanks for reading,
James
Note
- Price is now sat on the daily trendline after breaking lower earlier during the day, the 4h chart shows two false breaks below the trendline, the first one forming a hammer. - Waiting till open at 11:00 to place a long position with SL @ 1269.8 (10 pips below wick of hammer, and below 1270.00 physchological level.
Note
- 30 minute chart bullish marbozu candlestick @ 2.30am 20/06/2018- 1hr chart formed bullish inverted hammer reversal candlestick @ 2.30am 20/06/2018
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.