Goldbuy
Two key levels to watch on Aug Gold Futures - 1,775 and 1,765
1,775 is a near term level that formed over on the 1-hour time frame. Price tested this level on June 30th (yesterday) and held above. If we see a break lower, then this is an indication that buyers remain weak.
A more critical level to watch is the 1,765 as this formation originated back in April and has been holding up since. You can see take a look at the 4-hour chart below showing the formation of this level. Every time price has broken above, it quickly trended back below. If this level continues to hold up, we can remain bullish on gold.
The uptrend continues! | GOLDWe are in an uptrend of all periods, and on Friday the price forms a very clear bottom.
It confirms the situation and allows for purchases.
Resistance levels:
1784
1793
1805
Gold is at its highest levels since 2012 and is close to the historic peak of 2011!
Do you expect it to reach the historic peak?
I'm Going Bear. (GOLD)I am shorting gold with roughly 2.5% Stop of 1750.
Weekly starting to whip around and we keep hitting off of upward resistance.
Would be nice to get a drop off to the bottom green line of upward support.
If I do get stopped out it's not a big deal. We always play 1-3% stop.
3day is firing red with a Crossover and ema dots are firing red.
Want to see some sell off pressure to get that weekly to trigger for a nice bearish close.
Best of luck,
🥇MLT | MAJOR LEAGUE TRADER