Here we go. 10 minutes to market close. Nothing day.
I was waiting for a much stronger price action in gold. We made a lower low on the hourly chart many times today but there was no follow though. Volume is a little bit above average.
I want to see the daily chart first of all. We tagged the 10 EMA but price couldn' recover. We lost the 20 EMA also. These are bearish signs. We couldn't tag the 50 EMA nor the Bollinger band. Price is just in the middle of nowhere.
At the indicators MACD crossed over . That is a strong signal for more decline. Slow Stoch is just turning down it should enter into oversold territory. RSI hasn't finished the the move as it should touch the oversold also.
So as I'm watching the indicators I think there is more room to the downside in the night as the result is coming out. Banks are preparing for something...
But as I'm watching today's price action I have a feeling that the decision already priced in. If it priced in that's the reason gold cannot fall.
Miners price action is frustrating also. We couldn't print even a little drop in the last few days while gold was falling.
So this time I cannot offer you a perfect decision. I'M not going to enter too heavily into this night. XAUUSD positions can be managed during the night but miners not. So with the miners you have to make the decision today.
I will close some of the XAUUSD positions today but I will keep some for the night.
And now they are starting to sell off gold in the last 10 minutes..... Don't enter overleveraged into this night. There is always a next trade....
I was waiting for a much stronger price action in gold. We made a lower low on the hourly chart many times today but there was no follow though. Volume is a little bit above average.
I want to see the daily chart first of all. We tagged the 10 EMA but price couldn' recover. We lost the 20 EMA also. These are bearish signs. We couldn't tag the 50 EMA nor the Bollinger band. Price is just in the middle of nowhere.
At the indicators MACD crossed over . That is a strong signal for more decline. Slow Stoch is just turning down it should enter into oversold territory. RSI hasn't finished the the move as it should touch the oversold also.
So as I'm watching the indicators I think there is more room to the downside in the night as the result is coming out. Banks are preparing for something...
But as I'm watching today's price action I have a feeling that the decision already priced in. If it priced in that's the reason gold cannot fall.
Miners price action is frustrating also. We couldn't print even a little drop in the last few days while gold was falling.
So this time I cannot offer you a perfect decision. I'M not going to enter too heavily into this night. XAUUSD positions can be managed during the night but miners not. So with the miners you have to make the decision today.
I will close some of the XAUUSD positions today but I will keep some for the night.
And now they are starting to sell off gold in the last 10 minutes..... Don't enter overleveraged into this night. There is always a next trade....
Note
No MACD crossover on the 4hrs chart.It's still in falling mode
Note
we might be printing inverse head and shoulders patternNote
I will have a new post with a few thoughts regarding gold today.On the hourly chart it seems to me we are printing a pennant with a possible target price of 1400.
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.