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XAUUSD WEEKLY CHART - MAKE IT OR BREAK ITWith 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 :) With the history of miners leading the commodity in moves, I'm expecting gold to make a move higher (see GDX charts): - We again have the bull flag being made, with any bearish attempt to "fill the gap" back down to 1180 being stunted 1200 - Our 'medium' channel from 2013 has been broken, re-tested, and remained bullish - We are at out 23% fib retracement (same that GDX just broke through) from our big move down from our ATH in 2011 - We are also one move away from recent solid price action (black horizontal lines), which was similar in the GDX as well - If these are able to break tomorrow, 1300-1400 is our very short term goal - After 1415 you only have 1485, and 1568-1600 as price action areas, which is a very nice, large gap to be filled Feel free to comment with questions or ideas :) Happy Trading!
FX:XAUUSDLong
by AwareBear
XAUUSD DAILY CHART - MAKE IT OR BREAK ITWith 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 :) - Just as the GDX, we have a beautiful parabola, followed by an attempt to go to 1180, which was rejected by the bulls - This creates the bull flag / pennant that was see now, which was just broken out of to the upside - By finishing this day (April 11th) above the 23% fib retracement, I believe we have invalidated any head and shoulders pattern, as the left shoulder failed to do this - This is vital, for if we drop lower from here, that is a classic Head and Shoulders pattern, which would launch us to 1180 no problem, so this is why it is a "make it or break it" time for gold ... - We are out of our 'middle tier' channel, and back into a smaller and much weaker channel - This leaves me with some concerns but the same thing applies as to the GDX; - If it can break and hold above this channel and price action of 1270, that's when we should see the confirmation of a bull market, short term at the very least Feel free to comment with questions or ideas :) Happy Trading!
FX:XAUUSDLong
by AwareBear
GDX DAILY CHART -- MINERS BREAKOUT, CASH WONT BE KING FOR LONG With 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 :) I was expecting it to retrace down to the 17 area to "fill the gap" Instead it created a bull flag / pennant , and then in 3 days , broke out of our channel and above price action All very bullish signs, even with the 50 and 200 ma quite far behind Tomorrow (April 12th) I will be looking for a retracement of 22.16, which if it can hold, is where I buy more miners - If it doesn't retrace at all I will simply buy in before the day ends, as I'm a firm believer in price action Feel free to comment with questions or ideas :) Happy Trading!
AMEX:GDXLong
by AwareBear
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!
AMEX:GDXLong
by AwareBear
GOLDRe-entry when the market test target with support at the trend line of high top. *DISCLAIMER: Please keep in mind that I am not giving any trading signals or trade calls here. Only providing my own trade thoughts for your benefit and insight as to my trading technique and style. Please don't ask if you should or should not take the trade or ask for stop loss and take profit levels. Any SL or TP given on my trades are my own I have used for my trade and are not recommendations for you to use. If you are not sure, then you do not have a trading plan for yourself in place. I suggest you make one before you continue to do any trading! If you like my posts and find them helpful, please take a second to hit that LIKE button and follow me so I can know my post was helpful to you. As always, any CONSTRUCTIVE comments are welcome whether AGREE or DISAGREE.
FX:XAUUSDLong
by VilmarAlmeida
Commodity Analysis And Trading Tips - GOLD BUY!! Today's Chart - XAU/USD Overview : Gold gave up some of its sharp overnight gains on Friday, but held above $1,200 an ounce as a drop in equities stoked fresh safe-haven demand for the metal. On Technical charts, Current trend of Gold is bullish, it has given upside breakout from downward sloping trend. Now market is making higher top and higher bottom formation on chart. Market is likely to be further bullish, it has retrace its recent significant upward movement and still sustaining above the downward sloping trend line with formation of symmetrical triangle. It has been taking support of 50 DMA & 200 DMA on one hourly chart. Resistance is seen at high of $1240, while support is seen at $1200. On intra-day basis Gold price likely to trade tight range. Indicators: RSI entered and remains in positive territory now, trading at 52.9. Let me know if you like the analysis guys and I will keep it coming :)
FX:XAUUSDLong
by TheBanker
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