Gold's 3 x bullish major structural changes in 1 week
For ease of viewing I have displayed only the major structural BOS & ChoCh on this 1Hr chart of XAUUSD.
The brown trail is a standard Bollinger band setting and price is captured only in the past week.
See the 1,2,3 on chart. 2 major Bos in price leadup during the past week. 1 major ChoCh on 30 January.
On the lower timeframe it's noted some bearish sentiment and breaks in structure but I also see that on the 1Hr chart that price has held the 50ema.
I expect price to find buyers around 2783 to 2787 around the 50ema on 1hr and the overall bullish sentiment will prevail.
See the Bear OB where selling started to occur Friday.
Did somebody say some selling?
Gold & silver are Not overbought and price will be looking to continue its ascent to 3000 very quickly imho.
The brown trail is a standard Bollinger band setting and price is captured only in the past week.
See the 1,2,3 on chart. 2 major Bos in price leadup during the past week. 1 major ChoCh on 30 January.
On the lower timeframe it's noted some bearish sentiment and breaks in structure but I also see that on the 1Hr chart that price has held the 50ema.
I expect price to find buyers around 2783 to 2787 around the 50ema on 1hr and the overall bullish sentiment will prevail.
See the Bear OB where selling started to occur Friday.
Did somebody say some selling?
Gold & silver are Not overbought and price will be looking to continue its ascent to 3000 very quickly imho.
Trade active
2760 is the very lowest I could see price pulling back.
More likely is the Gold price to find support around 2787-2788 and a low around 2783.
On the 15m chart 2788 is where the 200 ema sits.
On the 1Hr chart 2787 is about where the 50 ema sits.
So buy from 2783 to 2788 and Stop loss at your discretion. 2759 should be plenty room. Lock in partial profits after every good upside run and exit trade fully up around the 3000 level.
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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.