Gold's longterm update.Channel,elliott and Fibonacci levels.
Updated
Technical analysis is a powerful tool for creating a better sense of the market and making some predictions based on price actions but it's useless or it has minor importance when a big news with catalystic role appear.
XAU/USD seemed unable and weak to break and mostly established the 1263$ level resistance being in a shakeout area for 20 days more or less.
First it was the US descision to launch cruise missiles on a Syrian base that helped XAU/USD reach the 1271$ level intraday but then the selling power sent back the price back at 1253$ level,once again bears confirmed their dominance at these levels.
Two days later president Trump decided to provoke North Korea through twitter,as it's logical with war possibility rising at the background XAU/USD finally took this extra push it was needed to break and established the 1260$ area for good.
XAU/USD now is at 1287$ and try to break that resistance that it holds since 2016/11 to reach the highs of 1315-1320 area.
As i mention before at my articles published at 26 January of 2017 and 26 march of 2017(SEE RELATED IDEAS BELOW) we had a 5 Elliott waves structure and now we wait the ABC correction waves before making new highs.
Remember that these violent rallies may favor the short-term trader but the same way the went up they can come down due to absence of supports,so be careful with your trades at these moments of extreme volatility due to geopolitical reasons.
I believe we might reach the 1315$ area where we have the 23,6%FIB level and a strong reistance and then i expect a pullback as i show at the chart until 1240$ levels near lows of wave 4.
TECHNICALLY
We can see at the chart the 5 Elliott waves and the corrective waves ABC.
We can also noticed the ascending channel of XAU/USD.
Fibonacci levels well repsected.
LEVELS TO WATCH:
BULLISH SCENARIO: 1290$ GOOD RESISTANCE
1315$ GOOD RESISTANCE AND 23,6% FIB LEVEL
1370$ PREVIOUS HIGHS
BEARISH SCENARIO:
1278$ GOOD SUPPORT AND 38,2% FIB LEVEL
1263$ VERY STRONG SUPPORT
1253$ VERY STRONG SUPPORT AND 50%FIB LEVEL
1233$ SUPPORT
1222$ VERY GOOD SUPPORT AND 61,8% FIB LEVEL
1200$ GOOD SUPPORT PSYCOLOGICAL LEVEL
1185$ YEARS LOWS
HAPPY TRADING GUYS!
XAU/USD seemed unable and weak to break and mostly established the 1263$ level resistance being in a shakeout area for 20 days more or less.
First it was the US descision to launch cruise missiles on a Syrian base that helped XAU/USD reach the 1271$ level intraday but then the selling power sent back the price back at 1253$ level,once again bears confirmed their dominance at these levels.
Two days later president Trump decided to provoke North Korea through twitter,as it's logical with war possibility rising at the background XAU/USD finally took this extra push it was needed to break and established the 1260$ area for good.
XAU/USD now is at 1287$ and try to break that resistance that it holds since 2016/11 to reach the highs of 1315-1320 area.
As i mention before at my articles published at 26 January of 2017 and 26 march of 2017(SEE RELATED IDEAS BELOW) we had a 5 Elliott waves structure and now we wait the ABC correction waves before making new highs.
Remember that these violent rallies may favor the short-term trader but the same way the went up they can come down due to absence of supports,so be careful with your trades at these moments of extreme volatility due to geopolitical reasons.
I believe we might reach the 1315$ area where we have the 23,6%FIB level and a strong reistance and then i expect a pullback as i show at the chart until 1240$ levels near lows of wave 4.
TECHNICALLY
We can see at the chart the 5 Elliott waves and the corrective waves ABC.
We can also noticed the ascending channel of XAU/USD.
Fibonacci levels well repsected.
LEVELS TO WATCH:
BULLISH SCENARIO: 1290$ GOOD RESISTANCE
1315$ GOOD RESISTANCE AND 23,6% FIB LEVEL
1370$ PREVIOUS HIGHS
BEARISH SCENARIO:
1278$ GOOD SUPPORT AND 38,2% FIB LEVEL
1263$ VERY STRONG SUPPORT
1253$ VERY STRONG SUPPORT AND 50%FIB LEVEL
1233$ SUPPORT
1222$ VERY GOOD SUPPORT AND 61,8% FIB LEVEL
1200$ GOOD SUPPORT PSYCOLOGICAL LEVEL
1185$ YEARS LOWS
HAPPY TRADING GUYS!
Trade active
Trade active
Note
Nicely followed so on..
Related publications
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.