XAUUSD - M Dears,
I know most of the traders think about this chart it is a new chart, but as you can see with the attached chart you can see the old one it was 21 July 2019.
and we have mentioned the gold from that date it is bullish, and it will not be bearish till touching the resistant, and that time we want to get the confirmation of the bearish with price action.
Note: we believe the coronaviruses will start to begin to weaken, and all the markets, economies, and life will working and life gradually returns to normal.
take care and be in save.
Commodities
gold dxy5.12.20 This video is the sequel to the previous video. In addition, I showed two ways to frame range boxes on the gold contract. I decided to give a closer look at the bear trap on the DXY and as I did this, I realized I had to look at a couple of time frames in order to add clarity. This was a bear trap on smaller time frame, but it is a retest of a breakout higher. It is what it is on different time frames, but it has value to do this in my opinion. As I was listening to the video before uploading, I took note of how bullish the whole pattern looks on the DXY on the daily chart... to the point that it looks likely that the price will move higher to an ABCD pattern... even though I am not a breakout buyer, and the market is still in arrange box which is the dominant behavior. If you don't understand this, I will come back and review it once we get a chance to see how the dollar plays out. The reason I bring this up is because of my conviction that higher time frames result in much more accurate assessment of the bullish or bearish nature of price action.
XAUUSD ; still bullish in Triangle despite the downside pressure in today's daily session, Gold still keeps it's strong position in the Triangle pattern.
Pay attention to 60-Min chart; a triple bottom in the trend-line upwards can be observed.
A breakout above 1720 - 1725 should indicate a new bullish trend here and likewise, a breakdown below 1690 - 1685 is expected to indicate further consolidation.
Negative Divergence in #PHLX indicates a potential reversal- Either #gold or the #spy or both are subject to a bearish attack soon, as there is a weakening #PHLX
- there is a clear divergence in MACD
- current levels shall be watched very close ; once the prices return back from here, a sharp decline is possible to expect.
CRUDE OIL (WTI) STRUCTURE ANALYSIS
hey guys,
crude keeps growing steadily!
the price has easily gone through 18.5 - 20.5 resistance and now it turned to support.
our next key daily resistance is 28.6 - 30.6 zone.
look for a reversal formation within this area to short.
in case of a further bullish continuation, the second resistance will be 34.0 - 36.0 area.
if this zone will be reached, the previously mentioned resistance will turn to support as well.
the safest trading is always done on key levels.
so pay attention to the price action when any of the key zones are reached.
good luck!
If Bitcoin Really is The New GoldLet's say the equities market crashes along with commodities, then we would expect gold's price to increase, but maybe Bitcoin will become the new gold due to the nature of the pandemic that we are currently amidst. The key point is this: gold is neither easily transportable, transferrable, nor is it readily portable. It would be impractical to expect be able to readily access gold throughout the entire time it takes for our planet to either acquire herd immunity to SARS-CoV-19 or to produce a vaccine which would be used to prevent said virus. Bitcoin is advantageous in this aspect. A $120,000 per coin call sounds hopeful at one point or another, but such lofty thoughts like that don't seem too far out of reach, especially during times like these.
DXY - Gold negative correlationJohn Murphy in his classic on "Intermarket Analysis" writes on the dollar gold negative correlation.
Here we compared DXY - Gold correlation on daily chart in regard towards 200 day average.
If you will take closer look, you will see that in case of divergences forming, it is dollar index that usually fails.
If gold breaks resistance (being in sharp uptrend towards 2011 highs) and we do observe some sort of bullish cup and handle continuation pattern - dollar is likely to fall.
By DeMark criteria, bullish breakout on gold looks better than the one on dollar index.
On correlation cofficient, we are also observing ever decreasing divergence trend towards 200 day average.
At any case one of two should fail in uptrend:)
How To Use TradingView Hotkeys and ShortcutsOn TradingView, hotkeys and shortcuts will help you chart faster and navigate markets in lightening-speed. Draw a Trendline or a Fibonacci Retracement by pressing one or two keys on your keyboard. In this video, we want to show you every hotkey and shortcut available.
Press Alt / ⌥ + T to quickly draw a Trendline.
Or press Alt / ⌥ + F to quickly draw a Fibonacci Retracement.
These are just some of the ways you can use hotkeys and shortcuts across the TradingView platform. They work for your charts, indicators, drawings, scripts, and more.
We hope you enjoy this video guide. We also are curious to hear what you think of the trendline we draw on the chart shown of gold using the Trendline hotkey. Please let us know your favorite hotkeys and shortcuts or request new additions in the comments below.
Thanks for watching,
TradingView