GOLD BUY SETUPGOLD berada pada rally down, kemudian muncul pattern round bottom yang kemudian di breakout. terjadi lah pullback. di TF yang lebih kecil terbentuklah sebuah minor uptrend yang kemudian terjadi koreksi membentuk sebuah pattern elliot wave ABC. diperkirakan akan membentuk chart pattern flag dan kembali keatas.
Target selanjutnya adalah trendline atas dari channel / golden area dari fibonacci.
GOLD-BUY
$Gold to the Moon - $1400 come end of yearGold is absolutely in a bull cycle finally. It has consistently been over 1 standard Dev above the SMA since around Dec 1st.
RSI says overbought - but not very concerning when one sees it's pattern within the Bollinger Bands
Oscillators for the most part look very bullish
MA - obviously bullish
Volume is clearly a bullish story
Global growth concerns will lead to central banks continuing to accumulate
Fed Policy - halting QT with so much QE out there will lead to continue inflationary pressure
I think political forces would want a weak dollar as well to increase our exports
It will be around $1350 when we face major resistance
I have trouble thinking this will drop under $1319 support now
A good test for gold will be if we see bad news on gold starting to get out, and gold barreling up anyway. A clear sign we are back in new bull market
Currently have other capital tied up on calls on a 3X short of oil while I'm in a larger long position in oil 3X... as soon as this materializes I will be deploying more resources into gold.
Go team gold!
Happy Trading!
$xauusd $gold looking for another mover down to the buy zoneGOLD is going to be stale for a while if the overall stock marke can recover, but if not, I see gold taking a little corection into the green zone then back up to test $1360 if it breaks below and closes below on the daily I say we go further down and have to wait. If it does bounce here you may want to buy some physical gold here, and a good gold stock such as $KL or a streamer such as $ssl
XAUUSD LongRiding the gold recovery after being oversold (RSI on weekly chart) for weeks, taking advantage of current USD consolidation and price action confirmation on the weekly and daily charts, and most importantly its fundamentals which supports upside reversal (barring any manipulation from banks), esp its increasing demand on tech sector. Setting up buy stop order few pips below 1215, with TP @1220 and SL near 1210 (-38.2 fib level).
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DXY (daily):
Daily:
Weekly:
Confidence: B (because of USD risks esp the ones related to trade war)
Gold Bullish ideaW1 - Price reached the uptrend line. If we didn’t get a valid breakout here we may then expect the price to respect this trend line again and move higher.
D1 -Wait for the price to break below the low at 1237.15 and also the 100% fibo expansion level with potential bullish divergence to form.
We may then look for more bullish evidences and start looking for buys.
Gold buy IdeaD1 - Price has reached the confluence zone formed by the smaller channel's lower trend line and bigger channels lower trend line. We have horizontal support in the same zone and also a potential bullish divergence is forming
Once a bullish reversal happens we can look for buys as long as the uptrend line of the big bullish channel is holding.
Invalidation: If the price breaks below the bottom of these channels then this setup is invalidated (false breaks are acceptable).