XAU/USD Market Analysis and Trading Tips 29th June 2016Overview:
The Gold market fell during the day on Tuesday, but did found enough support below at the level of $1305 to bounce slightly. The main trend of Gold is bullish on charts and the $1300 level is looking a strong support level, at this point in time buyers are still interested in in the precious metal . The primary trend of Gold is bullish on charts. On its 4 hourly chart, market is trading above 100 days moving average. It is having important resistance at the level of $1330 and support level at the level of $1300. On its 4 hourly charts, MACD is sustaining in its positive territory and RSI is sustaining in its buying zone indicating the upcoming bearish trend in the oil prices. On intra day basis one can go for buy on lower level strategy.
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Goldminers
GDX WEEKLY CHART -- MINERS BREAKOUT, CASH WONT BE KING FOR LONGWith all the NIRP's and ZIRP's flying around in an economy based off fraud and debt, this was expected, and now we have the start of the technical indicators to back it up :)
My target area Short Term is 25-28:
- We have the 23% fib retracement from our move down from our All Time Highs in 2011.
- Weekly 200 ma
- Solid price action (horizontal black lines)
- Broke out of our channel to the upside that start in June 2013
-- If tomorrow (April 12th) holds above this channel, that's when I shoot my final bullet
- The top of our bigger channel is in this area
Feel free to comment with questions or ideas :)
Happy Trading!
Speculative long idea for Gold Miners ETFGuess it is possible to get 15-20% gain here in less than 2 months.
The Bearish ‘Bat’ pattern is forming, point D can be near 16.
Bullish Harami near the lower Bollinger band can be treated as a reversal signal in a short time trend.
Point D is on the way of 200 day MA.
A positive gold seasonality from the end of December till the beginning of February can be a fundamental support for this assumption.
Gold Miners $GDX may be heading for a reversal A Gartley and a Cypher pattern is pointing to the same exact destination for a sell reversal. We have previous structure at $31.31 & $29.38 coupled with confluence with two 1.27 extension ratios. $29.95. and $28.96 at the .786 retracment will be our kill zone.
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