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Will Gold drop under 1500? (Long term view!!!)In this post, I will focus on an overview of Gold and what could happen in the long term. In the short term, everyone saw the support from 1680 and is aware of the possibility of a rebound... So... Looking at the weekly posted chart we can see that after the high above 2k back in spring, Gold has started to drop, putting in lower highs on our chart. After the touch of the long-term trend line in May, Gold reversed, but soon after, in June, has broken under and quickly dived to the 1680 important zone. In July we again have a rise, just to be completely erased by August price action. This whole dynamic gives me an indication that Gold could drop under 1680 and by this, it will also confirm an immense double top pattern that took two years to complete. That being said, I'm more inclined to a continuation to the downside when it comes to medium-term price evolution, and considering the measured target for the double top pattern, we can see Gold trading under 1500. In the short term, we can have a rally, but in my opinion, it will be short-lived and should be used as a selling opportunity for swing traders.
OANDA:XAUUSDShort
by Mihai_Iacob
38
EURUSD SCALP SELL NOW!HI Team, See linked post for in depth GOLD analysis this week, which covers all USD news. Look out for news later today at 1300 GMT. Currently in a daily Elliot ABC ascending correction, and looking for breakdown soon. Safest sell is within the ascending channel, but worth looking for a breakdown of that with at least one position. I expect a small 30M timeframe retracement, but if we do not get it, sells on break of shown trendline, safest first TP and point of SLBE would be floor of this corrective channel. Good Luck, Trade safe DrBear
Short
by DrBear
GoldViewFX- DAILY CHART UPDATED SETUPHey Everyone, Please see our updated daily chart setup. This is just for this week and not to be mixed with our long term daily chart setup (SEE BELOW), which we have been following. DAILY CHART LONG TERM SETUP (1816 OPEN TARGET) The new daily chart setup is for this weeks movement only and JACKSON HOLE. We can see FRIDAYS candle close with ema5 crossing MA21. A new daily candle open this week will confirm the lock confirming momentum down with daily chart support at 1709. Daily chart next resistance level is at 1755. Any immediate momentum up with a break above 1755 can invalidate the EMA5 cross ma21 so it will be wise to let Mondays movement play out to establish a true range in this setup. As always we will keep you all updated with any changes to our plans throughout the week. Please don't forget to like, comment and follow to support us, we really appreciate it! GoldViewFX XAUUSD TOP AUTHOR
OANDA:XAUUSD
by Goldviewfx
7
GOLD THIS WEEK STEP ONE SELLHi Team This is stage one for this weeks gold trade. See linked post below - we rose as expected on todays news, and rejected as expected from the descending weekly resistance. Now if the time to enter out first sell attempt. I would advise SLBE as soon as possible, and if price slows down at ascending channel support, suggest closing half positions out. Tomorrow is a big news day too, and should see the Dollar rally. Please remember that small lot sizes make good money. There is no need to over trade. Good luck, trade safe DrBear
TVC:GOLDShort
by DrBear
3
Gold Breaks above the trendline resistance, what is next? After a long time, gold breaks above the trendline resistance. Though gold is still under the horizontal resistance level of $1810. After breaking above the $1810 price zone, we will get the confirmation that gold is going to upside again for another time. Technically, from the present rates, major support is identifying nearly at the $1785/1780 price zone. So, we would suggest buying gold nearly from this price zone. Stop loss should be below at $1750 price zone. The alternative scenario is if gold breaks above the $1810 price zone, we can buy instant and continue our long order. In that case, we can use our stop loss below the $1777/1775 price zone. On the other hand, if anyhow gold manages to stable below the $1775/1777 price zone, gold may continue its downtrend again. And it will be considered as a fake upside break out. Keep in touch for further updates.
FX:XAUUSDLong
by Gold_Trading_Expert
2
Gold could drop 500 pipsSince 21th of July's low, Gold has risen more than 1000 pips in a clear uptrend. However, the rise from the 1755 low is drawing a rising wedge pattern, and also the price action from this week has put an H&S on our chart. A new attempt to conquer 1800 failed yesterday, giving us the right shoulder and the idea that bulls may very well be done. At the time of writing Gold is trading under ascending trend line support (also confirmed by yesterday's high) and exactly in the horizontal support A break here could lead to a steep drop to important 1740 support. Interim support is at 1755 (horizontal support and rising wedge's target) and this bearish outlook is negated by a daily close above 1800. Sell rallies remains my preferred strategy
OANDA:XAUUSDShort
by Mihai_Iacob
28
Gold- Time for correction?In my yesterday's comment I said that Gold could rise above 1800 and, indeed, the price spiked up. However, bulls were unable to keep the price elevated and the market closed with the price under this important figure. From a technical point of view, the rise since the beginning of August is in a rising wedge and the support of this pattern is now broken down. A correction could follow from this point on and, in my opinion, rallies should be sold. I'm bearish on Gold as long as yesterday's high is intact.
OANDA:XAUUSDShort
by Mihai_Iacob
2
USDCHF INTRADAY LONGHI Team This pair will reach double bottom on daily support in line with USD news event tomorrow. I am expecting USD strength, and therefore a corrective breakout following this period of consolidation and correction. For detailed USD news information please see my gold analysis for the week. Scalp short to our buy zone has just been posted if you want to build capital prior to this trade - see linked post. Like what I do? Please like, comment and subscribe! Good luck, Trade safe DrBear
Long
by DrBear
1