Gold's Weakness Until 2531.65 Is Taken!!
Updated
https://www.tradingview.com/x/s1V2z30R/
Good evening,
I was saying it all through the New York session that the Gold price still has to break that 2531.65 level if price is to get another imminent retest of the highs set recently in the Gold price.
You can see the Topping-formations in the charts & even a bearish Head N Shoulders might be still in play.
But it does not end with Gold. Due to Silvers break-above its resistance but it's slow pace in climbing the charts, it has now got heads-winds with several bearish Head 'n' Shoulders Patterns.
I really want to see Gold climb today because I see some serious selling coming in the Gold price if a massive M-TOP breaches at the neckline just under 2500, if this occurs the Gold price could very quickly sell-off to near 2400.
This is of-course what the market-makers want to do is take our stops out.
Right below is the possible Sell-setup for XAUUSD....if you're game..
(click the below Charting-link & then scroll to the very bottom of screen to see the scary MTOP)
Cheers,
Chris
Good evening,
I was saying it all through the New York session that the Gold price still has to break that 2531.65 level if price is to get another imminent retest of the highs set recently in the Gold price.
You can see the Topping-formations in the charts & even a bearish Head N Shoulders might be still in play.
But it does not end with Gold. Due to Silvers break-above its resistance but it's slow pace in climbing the charts, it has now got heads-winds with several bearish Head 'n' Shoulders Patterns.
I really want to see Gold climb today because I see some serious selling coming in the Gold price if a massive M-TOP breaches at the neckline just under 2500, if this occurs the Gold price could very quickly sell-off to near 2400.
This is of-course what the market-makers want to do is take our stops out.
Right below is the possible Sell-setup for XAUUSD....if you're game..
(click the below Charting-link & then scroll to the very bottom of screen to see the scary MTOP)
Cheers,
Chris
Note
Update:
Bitcoin & Cryptocurrency in general have opened in New Zealand Wedesday 6% down. Is this weakness in the Crypto price a leading-indication of where the Gold price may go during Wednesday trading. If it does not get over 2531.65 pretty soon. I am tipping a big sell off.
Trade active
I see a possible Shorting in Gold Price. Here is why. Please see chart. Even the 4HR Stochastics and 4HR RSI, both wonderful 'momentum oscillators' are pointing down for a big sell.
Note
I want to show you this & why a big-short in gold might not be far away.
According to my stats on RSI & Stochastics for Gold from timeframe 30 right up to weekly they are in the overbought areas & a cross down of the RSI at 70 and the Stocastics at 80 would trigger massive selling IMHO. I've seen it happen before.
Note
Here are the daily and weekly ones.
Trade active
I just went short in Gold. Not a big lot size. Price fell out a massive rising wedge on the 2m.Note
I am scaling in short . I could see the weaknessNote
Double bottoms not holding on very low timeframes is. a tell tail sign of price weaknessNote
If this double bottom does not hold for gold on the 2m it could get interesting.Note
A break below 2523 would be the start of momentum downward and a Short in XAUUSDNote
Hi guys, please click on the chart below for my latest analysis on the gold price weakness during the Wednesday Asian session.
Note
PLease click the below chart and then scroll to the very bottom for Gold's action since selling off and then retracing from down around 2505 from memory
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