Gold Roadmapping IdeaLast week, we played the bearish structure all the way back down to the 4 HR lows near 1810, broke below it, retested 1810 for a clean break and retest, and had continued downside. Still in a seller bias, I would be looking for a 50% correction of yesterday's move around 1790 and if it fails to break, more downsides could be expected. We need to remember, gold moves in massive waves, after printing a new low from 1812 to 1765, that's 500 pips. Gold can easily correct 250 pips to 1790, but if it breaks, can head 100 more pips to 1800 psychological level. SO, TRADE SAFE.
Goldusd
GOLD (XAUUSD): Be Prepared to Sell🥇
Gold is trading within a solid supply area as well.
To catch a bearish trend continuation, watch a double top formation on 1H time frame.
1804 - 1807 is its neckline.
Wait for its bearish breakout, then sell aggressively or on a retest.
Target will be 1790.
If the price breaks a blue zone to the upside, the setup will be invalid.
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Gold Trend 06/07Gold dropped over 2% yesterday. As the trading began at 1807 to start the day, the price touched the day-high at 1812 early in the Asian session. The momentum began to turn bearish during the European session. Gold cleared the 1800(1) support at the US session opening and then fell further, breaking the previous low of 1784 after the US released better than expected Factory Orders figures. It touched a new 6-months low of 1764, ending the day with a USD 42 drop.
The bullish pattern on the 1-hour chart from last Friday was totally destroyed by the drop yesterday. The S-T trend is weakening while the price trades below its previous low of 1784. Expect the price to stay between 1750-83(2) for today. If the price can carry the selling momentum from yesterday, it should be able to touch 1750 or below.
The daily chart is now dominated by the downtrend channel(4) after gold closed below the critical support of 1800(3). The price has traded in the range of 1800-70(5) for the past month; by measuring the 1:1 ratio, the downside target can be set at 1730 technically.
S-T Resistances:
1785
1780
1770-72
Market price: 1767
S-T Supprots:
1765
1760
1750
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Gold : Intraday Technical AnalysisGold Intraday Technical Analysis:
Gold found its resistance at 1812 this time. My idea is still accumulate gold below 1800. The entry levels are 1800, 1780 for intraday. My goal for intraday is the resistance of 1800.
If you like this or if you think the opposite of this or if there is any other opinion, mention it in the comments. I am open to all kind of suggestions and critics.
Gold is Getting Ready for All Time HighGold is currently trading in a Symmetrical Triangle. And we believe it's consolidating for a strong bullish momentum. According to our analysis Gold will again come to test its All Time High in the next few months. Traders can wait for breakouts. Those, who're already holding positions, can wait for these targets.
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GOLD TO $1775!!! (350 PIPS)After GOLD made a fall to 1786 last week, we saw two pinch bar ( hammer candle) which helped boost GOLD to the 1800's....from that formation and that of last week's mini high at 1824. We can deduce that a double top has been formed, hence looking at a possible setup for sell on GOLD!!!
long goldgold touched strong support 1785 and bounced with a lot of bullish pressure. it made an obvious double bottom but on higher tf you can see a h&s pattern. I believe 1785 was just a demand zone for buyers short and long term. if the h&s pattern is valid we will see a rejection off 1830 to the down side with heavy selling pressure but if not we can see price touch 1850 for completion of double bottom