GOLD Potential Longs
Updated
GOLD has been very nice to me recently and has just been moving smoothly to the downside.
However the first obstacle is at this supporting Trend line which we will have to see if it is validated and gives us a bullish signal.
Price has also been forming a flag pattern. I can see there being a lot of orders from the 1265 level to take us back up around $30 (1295) before we see anothe push to the downside or potentially another test of theat resistance around $1350.
I will be closing my open shorts at 1266.20 which I see alot of a candle stick spikes at this region.
To the technicals.
Weekly
Price had shown a very bearish pin bar followed by continued push to the downside. (Not closed as yet on the weekly) This could be too much bearish pressure and we could see this Trend Line broke.
The only case as it stands now for the bullish scenario is every one and their mom has a trendline and the 1265 level is where you can forecast a third touch.
I personally would not look for buys unless I get a daily closure suggesting this and at which I would look to enter on the lower time frames with a sensible stop loss.
As stated above I can see a scenario which we get another touch of the resisting TL of this flag and then a break of the weekly TL where the only other obvious support is 1240 which I will be looking for bulls to come in again.
For now I am holding my positions to my targets and waiting for price to reach the TL.
The stock markets have been doing quite week recently and this could be more bias to a short however, the USD is not looking as strong as it did mid last year and we are stalling in a range and are probably in the upper side of the range.
Updates to come.
However the first obstacle is at this supporting Trend line which we will have to see if it is validated and gives us a bullish signal.
Price has also been forming a flag pattern. I can see there being a lot of orders from the 1265 level to take us back up around $30 (1295) before we see anothe push to the downside or potentially another test of theat resistance around $1350.
I will be closing my open shorts at 1266.20 which I see alot of a candle stick spikes at this region.
To the technicals.
Weekly
Price had shown a very bearish pin bar followed by continued push to the downside. (Not closed as yet on the weekly) This could be too much bearish pressure and we could see this Trend Line broke.
The only case as it stands now for the bullish scenario is every one and their mom has a trendline and the 1265 level is where you can forecast a third touch.
I personally would not look for buys unless I get a daily closure suggesting this and at which I would look to enter on the lower time frames with a sensible stop loss.
As stated above I can see a scenario which we get another touch of the resisting TL of this flag and then a break of the weekly TL where the only other obvious support is 1240 which I will be looking for bulls to come in again.
For now I am holding my positions to my targets and waiting for price to reach the TL.
The stock markets have been doing quite week recently and this could be more bias to a short however, the USD is not looking as strong as it did mid last year and we are stalling in a range and are probably in the upper side of the range.
Updates to come.
Trade active
Trade closed: target reached
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