Update on XAU USD market-structure. See chart below please.

Updated

https://www.tradingview.com/x/okzzCoEs/

On the important 1HR timeframe and critical 50 EMA where it gets most of its support and cues from, for the 5 hours it has still had this support despite some bouncing around and increased volatility on the lower timeframes.

Mr Powell addresses at 10am NY time and New Home sales we would like a bearish figure and an upbeat Mr Powell who probably is a bit anxious the past few weeks.

Enjoy your trading today.

We have some bullish heads n shoulders patterns that may execute later. I think it might be a profitable day for you (I mean night for me). Stay tuned.

Regards,

Chris

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The USDX had a very bullish rise about 10 minutes ago. But my analysis is that USDX is bearish in the short to medium term at least during today's trading & pending New Home Sales at 10am. It is caught up in this 15M M_TOP bearish structure where earlier it broke the neckline. These usually retrace upwards before selling off again under the neck.
Cheers,
Chris

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If you took the XAU USD trade earlier getting Long around the 2494 level. I see a bearish head n shoulders on the 2m threatening a push down. But I think we might negate this all together and push upwards soon.

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I will wait for the release of NEW HOME sales at 10am. We might get a trade in gold following that. Everything so far is bullish for Gold price today to recover from yesterday and USDx is weak in the short to medium term still.

The weekly and daily stochastics for XAU USD are much better than yesterday. The Daily is underneath the 80 zone and pressing up, that is what we want, or pressing up under 20 from an oversold condition, the weekly stochastic has backed right away from the 80 level. All this can change very quickly on bad news but so far looking good for Long gold.

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Guys, I have exited most of my Long positions in XAU USD which I took about damn 7 hours ago around 2495.

I am seeing the formation of bearish MTOPS on lowertimeframes and head n shoulders on the very low timeframes.

This tells me things could sell off soon. But it can always go either way up or down.

I will get back into a trade following the release of New Home sales at 10am

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If you are looking for a trade with some conviction. I am short XPT USD platinum. It is only at this very moment breaking down from a 1hr and 2hr heads n shoulders & should break down much further. See my other thread on platinum about this trade. Never short with too much lot size unless the Vix Index skyrockets.

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XAU USD has very recently broken above the MTOP and is going strong above 2500 currently.

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Possible long entry in gold on the retracement to Fib levels.
Scale in between 2500.50 to 2502. But take it easy until we get the New Home Sales.

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Price retraced a bit beyond the 38.2 level due to an order block on the 1m. I didn;t see it the first time around.

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The volatility apart from start of NY session is also due to a breakout of the USDX which I got totally bloody wrong.... Chart patterns don't work very well for the USDX when there is so much data etc.

Be aware that there are bullish H n S patterns a fair bit above current price... I see my oher post today.. it's all in there.. It's gonna be crazy volatile next week I think for the gold price.

Order cancelled

Exit longs guys

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I got SHORT guys on the breach of the neck on 15m but always risky at the start.

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Be careful going long.... that new home sales is bearish for gold

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LONG GOLD:
2509 : 61.8 fib
2507 : 50 fib
2505 : 38.2 fib

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Just touched the 38.2 fib so should push up now

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Try to keep some Margin freee... don't be like me haha... I have some bullish head n shoulders patterns that I think will play out later. If you want to read about it... check my other thread on here from today.. easy_explosive_trader

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I see the dollar just tanked...this is good for our long guys

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a double/top has emerged on the 1m.. I am confident this will be taken out so we don't slip back

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Re this MTOP we don't want to break 2505 that would be disastrous. I can't see it happening today

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The mid-timeframes for gold are super bullish! You f' ripper

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As I said on the other thread. A bullish W-bottom is getting written. They have brought the price well below fib levels today to scare people and take out stops. They do not want you to make money. They do not care about me and you the market 'coat' makers. Coat in austrlia stands for 'C of a thing'
If a the bottom of the body of 15m candle closes below 2505 I will liquidate half ofmy weakest longs and I will go aggrressie short. Lets wait and see how this wbottom goes. They are normally very reliable to take price back up.

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NOt the wick. the bottom of body below. closing canldle

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There were no buyers out of that MTOP. The market-maker c-of-a-thing then does not respect an Mtop selldown. So I was long-short-long in the space of maybe 2 minutes. I could see that the market-maker c-of-a-thing artificially took down price and flung it back up again. That is what these grubs do. I rolled over into Silver. I am about 90% long silver and 10 gold. These c-of-a-things do not want us to make big money next month when the Fed moves on interest rates. Accrue gold and silver in small parcels and you will do okay. Very good price points today. Next week is anybodys guess with gold price if the dollar rallys but they don't always respect that inverse relationship thing and price may not sell off again. I really don't know. Good night everyone.

Easy_Explosive_Trading

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