market in consolidation. waiting for breakout to either side before taking any trades
The Gold Futures is in a down trend. As long as the market stays in the sell zone The market should hit the down fib extension at 1386.2 about 932 ticks away.
Use this as a guide to develop your setup. Based on the Technical structures we can see on the chart, our main vision is Long for Gold because: -Price above the cloned channel -Pennant Pattern (Continuation structure) -Our Setup for a bullish trade will be set IF the price breaks above the pennant pattern and then makes a corrective movement. We will place our...
Hello Traders! We would like to show you a game... While Penguins are on the hunt, you can easily join them as well! It is easy, all you need to do is to collect the hearts and watch for the pig and thunder signs. Targets are marked on the chart as a crosshair. Heart in the box - a place to jump in/out Sign with exclamation mark - places to be aware of a few...
Gold manages to hold support structure at $1464 which means that a higher low was made and the recent higher high suggests a change in bull structure. The upside seems to be opening up and the buyers are holding the structure. Buy volume has come in on swings higher. At this point we need to see the channel that we've drawn hold well on the support end and break...
Gold was recently looking really bearish as trade news started to flush out of the US that did not look to good for the remainder of the year and the schedule they had planned. A double bottom formed on Gold at $1447-1450 where price rallied and nearly hit $1490 on its way up. The idea here is that there is strong resistance at $1485-1490 based on the low volume...
Use this as a guide to develop your setup Main items we can see on the Daily chart: a)Using Elliott wave theory, we can see a 1234 count with a 5th wave remaining b)We can observe a Pennant pattern (4th wave) which is considered a continuation structure c)The cloned ascending trendline supports the pennant pattern d)Using Fibonacci Extensions, we forecast a...
Hi Guys, it was on Aug.12 when I posted the following chart and Gold was at 1495 running into 1560: Fear of tariffs and worries over deterioration of US-China negotiations drove that run. Today those worries are creeping in again at 1445, and this is what stopped Gold at B. As far as the main Daily Chart of this post is concerned, to note that from 2 price...
Hi Guys, the top made when price hit 200SMA diverge a little with RSI. Lower band of light blue area may be last line for support for the distribution period B to C to continue. Need to consider that retracement of AB may be completed. Price is forming 3-3-3 moves inside violet TR. B was formed due to uncertanties iro US-China negotiations and possibly...
Hi Guys, This is my view on Gold for a short term pullback into 0,382 Fibonacci retracing AB at 1472. Below how AB looks in the daily chart and where 1472 is. Please also click & play the following chart prior of making B (above) And this is the 1hr chart with more or less the same infos. For additional infos about Gold please refer to the related ideas...
Hi everyone. I wanted to take a moment to show why I don't believe that GOLD is ready to breakout into new highs just yet, and why we are more likely to see further consolidation to the downside after a coming retest of the $1,556 highs. For all of you who are well-versed on Elliottwave principles, you know that an impulse wave can only be either 5 waves or 9...
Rinse and repeat. This will be chart 1 of 4 or 5. Lots of technical dynamics in play. I will post the other "layers" shortly.
Lower indicators suggest major top late August / early September with price weakening ensuing.
From a purely technical perspective the longer term setup suggests a reversal is already in play. Lower indicators suggest a breakdown from strength in 2011 and has been backtesting the major 2013 breakdown from a position of weakness since. The bell has been rung, time to shimmy back down the rope.