Gold Update 1 - 9 JuneBased purely on technical analysis only…
Possible entry, TP & SL scenario:
Entry : 1960.500 below L/L on 5m or 15m chart
TP1 : around 1952.162
TP2 : around 1941.227
SL: around 1969.252 or over
A very much possible, that TP2 can reach support line at 1939.50 or even 1937.60 , but not for granted…
Be aware of economical news later today. You never know….
PS: never forget to set SL, cos you never know for granted what next !
Chart-analysis
GOLD - It's way to 1993If you're looking to buy, this is the perfect time to consider. Use proper risk management.
Disclaimer:
Before engaging in any Forex trading activity, it is important to understand that Forex trading carries a high level of risk and may not be suitable for all investors. The foreign exchange market is a highly volatile and unpredictable market that can result in significant losses as well as gains.
1D - APRIL 3 MOVING AVERAGES
100 and 200 are far below so there is room for price to be pulled down towards them.
Color coded 50 and 15
15 sma and 50 sma are green and moved up but there is a resistance at $29k. This may be the reversal point.
DAY- CHART PATTERNS AND TREND LINES
Up sloping support and resistance.
DAY - DIVERGENCES
A bearish divergence. It looks like we may have one more short move up and head down.
DAY - RSI, STOCHASTIC AND VOLUME
For the update on these indicators watch my video update.
DXY: US Dollar Index AnalysisEven though we are seeing that the dollar index is falling to around 109, it is still not violating any previous low, which mean the correction now the index is making in lower timeframe is called complex correction (will be discussed below).
The US are increasing the interest rate making investors move their money from higher risk assets to lower risk assets such as (Bonds, sukuks, t.bills, placements, Reverse Repo and others), as equity market volatility have higher risk on investment companies financial presentations (balance sheets and income statement), most investment companies are bound to these policies and procedures which make them take financial decisions in the short term (a year or lower) for the sake of presenting their financials (according to GAAP and IFRS) as profitable, this make them keep a lot of long term opportunities on the table, anyway.
When money flow from investment @ FVTPL-FVOCI and others, it goes to bonds and treasury bills which so called carry minimum risk, this will make prices of these bonds increase, by which it will decrease the interest rate (bond price increase while annual amount received on holding the bond stay constant, decreasing the interest as rate/percentage). this will make lower currencies with lower interest rates start to gain against currencies with higher interest rate (because of lower inflation rate also).
From the chart we have deep crap and bat pattern which indicate a possibility for the dollar to fall from that specificed range, I will expect the DXY to rise to around 115-116 and then the big drop start
Bitcoin Triple Bottom ATTENTIONBitcoin Daily, Triple bottom pattern.
How does it work?
The triple bottom pattern consists of three acute lows at around the same price levels.
The pattern typically takes almost 4 months to develop. It is one of the longer patterns to develop.
The triple bottom is a reversal pattern. This means it is important to the quality of the structure that it starts with a downward trend.
If we take a look, it actually did take more than 4 months indeed. I'm midterm bullish on bitcoin, and decided to share this scenario with you. This scenario will get cancelled if we break below our lowest low. Enjoy!
First bounce with valid RSI support First, this is not entirely my idea. Someone posted it in chat, and then deleted it immediately and then I couldn't find them or their chart. But I saw it long enough to get the picture. The 3 bounces prior to this one since $17.8, have all crossed over above 30 on the RSI, on the 4 hour. Generally those aren't oversold enough conditions to make significant impact.
This one is different however, as you can see it crossed below the 30, and that's a bullish signal. Couple that with the double bottom and it makes for a compelling case for a strong rally to the upside. In any case, I'm staying cautious, leaning a bit bullish. Will place some longs if we can get clean above $21,500. But they will be tightly controlled as things are tricky to read right now. There are other indicators working against BTC too of course.
Zoomed in, the chart actually shows a triple bottom forming on the 15m, which is like a double bottom, but more specifically a reversal signal. Regardless of all of this, the chart zoomed out, at a glance, looks quite sketchy, IMO, but I still think we go to low $22k.