Gold-short
EURUSD - Long (Impulse - Correction - Impulse)If the market was to retrace to the the green highlighted area, we would have a high probability opportunity to take a long position. We would, at that level have the confluence of the support structure, the Fibonacci taken on the impulse and if we were to get a confirmation to go long with a bullish candlestick pattern.
XAU/USD - Gold - Sell Trade Analysis XAUUSD Update Gold broke through the resistance level placed at 1797.136 and traced to the upside however failed to breakthrough the new resistance level placed. As a result, price struggled to break through this new level and started to break down towards the downside.
Expectation is that price will continue towards the downside however I suspect a possible return to the upside as price has not broke past the level of support placed at 1808.455.
GOLD ::: SHORT5 JUL 2020
INSTRUMENT: GOLD
TIME FRAME: DAY
CONFIRMATION ON OTHER TIMEFRAMES: 2Hr.
TECHNICAL INDICATORS:
PSAR: BEARISH
STOCHASTICS: BEARISH
TECHNICAL LEVELS:
CMP: 48159
SELL BELOW: 47671
SL: 48362
TARGET 01: 45596
EXTREME TARGET: 43293.
RISK DISCLOSURE :
Technical analysis of FOREX and INDIAN MARKETS. We are not SEBI REGISTERED ANALYSTS The views expressed here are for our record purposes only. Please consult your personal financial advisor before investing. We are in no way responsible for your profits/losses what so ever.
24/06-2020: Market OrderSignal: Bearish Deep Crab
Confluence: Rising Wedge
Confirmation: Dark Cloud Cover
On this chart we see a larger rising wedge on the daily timeframe with regular bearish divergences:
Here we have another pattern coming in at the same area as the deep crab:
Good luck to all trading gold
Gold Short Term ForecastD1 - On the daily chart the price respected the resistance zone and is holding below it. Bearish divergence.
H4 - On the H4 chart the price is moving inside a range.
While measuring the first wave we have with the fibonacci expansion tool the 61.8% (1750.62) fibonacci expansion level coincides with the top of the range which makes this area a key resistance zone for us.
Until this key resistance zone holds my short term view remains bearish here.
Good as Gold? Trade idea could Gold fall? ShortHighly speculative as traditional indicators only suggest neutral movement instead of correction!
However, all markets seem very jittery and prone to exaggerated movements currently, so could Gold suddenly reverse and ignore normal trend of falling when stock market rises with good economic data is released and rising during this current period of uncertainty/ Is it still possible for Gold to hit target of 1776 this month? Hell yes but a major correction possible as the World struggle to regain normality,
So entry would be after initial market opening for Monday order completions, however, expect any move below 1723 to be significant and lead to s ell off all the way to TP1 at 1712, tp2 1701 and tp3 168 0. Therefore entry after retest of 1723 and the ride down this move could take 1 day to 4 days to complet e. Will it begin 15th June or 16th June is only consideration? Remember, if taking this trade on, the risk, if a recommendation required should be more than 5% and move your stop loss after day 1 of trade to accommodate a risk free trade.
This is a volatile market so losses are part of trading and the downtrend looks promising from here.
If you make money from this trade tell your friends and contact me by dm, We at IM Academy would love to teach you more. Come and join us.
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Overbought - shooting starGood opportunity to short on Gold.
Overbought and a shooting star confirmation.