Here is my entry requirements for the long term gold trade I just uploaded. As you can see, price hit a bottom and then started to make higher lows and a break above structure will let us see higher highs. The ideal situation for me will be for price to break above structure, pull back (which is when I will enter) and then continue upwards. Lets see what happens.
So Gold has now reached a very significant monthly zone where we could see a reversal. Price is also at the bottom of a descending channel, however I will not be jumping straight into this as I have some conditions to meet on lower time frames before I trigger my entry. Check out my next post for my 4hr analysis and entry conditions.
XAUUSD is giving a buying opportunity at current levels with stoploss just below the lows and target around 1100. Happy Trading!! Siraj Hudda, CFTe Web: www.prowaveanalysis.com Skype: sirajhudda Email: contactus@prowaveanalysis.com Facebook: www.facebook.com Twitter: twitter.com LinkedIn: in.linkedin.com
Crab Pattern found on H4 chart, right after last Short position Target Profit: 1160 - 1180 Stop Loss: 1090
GLD continues to improve, taking a small long here is what I would recommend
Positive MACD divergence, bullish engulfing bar, Renko printing a green brick 3-9 MA crossing positive.
It took two and an half weeks after my prediction, but now gold finally broke down the 1200 level, completing an AB=CD pattern, a gartley pattern and is flirting with previous structure levels now. No need to rush into a long position yet though, RSI is not oversold yet, and we have not reached the previous lowest close around 1188 and lowest low around 1178, so...
MA50 + RSI + Trend Channel are giving a small opportunity to go long here. Target 1: 1215 Target 2: 1224 Longterm: Still downtrend
If you have been on the fence about buying gold perhaps this idea will help. I present a weekly chart with the possibility of gold in this descending triangle formation with a strong chance of completing in the near future. This position would target the 125 area by the end of this year with the possibility of breaking out and targeting 150 by mid-late 2015. ...
Gold is now dropping to a significant structure.. A structure level that has been maintained since 2010. We have a bullish advanced pattern (Gartley) completing at an important structure level. Agressive traders might look to set a limit order, more conservative traders will have the choice to use the "Buy Area" and look for bullish PA or a smaller bullish...
Nice AB=CD pattern coming up with 1.414 and 1.272 extension confluence at an even 1200. Opportunity to go long ? Don't hesitate to share your thoughts as this is the first idea I publish :)
A bullish Gartley pattern will complete at 1263 area. Watch the price action for other bullish signals in lower time frames. It might rally up to 1367 to complete the bearish Cypher pattern on a bigger scale.
After twice failures to pass through 1257,50 it became a resistance here in short term view. Because of the failed recoil under 1250 friday afternoon it construced some kind of short term uptrend with one of last weeks lowest values at 1241. The need of technical correction supports the idea for more upside movement. Long @ 1258 SL: 1252 TP: 1269