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Shortgold

Daily resistance is broken. . Head And Shoulders on the 1-Hour?Hi Traders, Hope you have all had a great week. We’re just having a look at gold to try and see if there is a potential setup forming for next week. We have broken through the daily resistance at 1879. We have seen very strong bullish volume which helped push us through that zone. Since then, we have had no retest down to that price point so it technically has not been flipped to support yet, as such. Does it need to? Not necessarily. If we look at the 1-hour time frame, we might be setting up for a potential head and shoulders that could send us back down to retest that 1879 area and perhaps even go through it again. We see here that volume is also decreasing indicating a potential move soon. I don’t like taking any setups around strong Support and resistance zones. Things can be volatile. I would prefer to wait this out as it is a Friday as well, and then see what next week brings. There’s no rush jumping into a trade just because. If you want to look for a short position, this could be something that could be interesting to you. So let us see what the day brings and as always, if there is anything that starts to form, I will surely be posting it. Hope you all have an awesome weekend. Vortex
FX:XAUUSDShort
by TheVortexTrader
2
4-Hour Order Block Madness On Gold!It’s NFP Friday today. You know what that means—volatility Volatility Volatility. I always avoid staying out of the markets on NFP day but let’s still look at what gold did today. We are on the 4-hour chart. I have marked up an order block, as you can see on the chart. An order block is an area of interest that market makers use to access extra liquidity, which they can then use to push the price higher or lower. I’m the case of going short; I would always use the most recent bullish candle before an impulse lower. As we can price came right into the order block before dropping lower. This is what sniping is. I don’t usually trade order blocks on the 4-hour. However, this one was too good not to show. If you were looking to short Gold ( XAU ), You would have opened a short position in the middle of the OB. This is always a safe play. Put your slightly above the OB High, and your target would be the liquidity zone. This would have given a nice 1/7 RR. Order block sniping requires much backtesting and creating your own set of rules – just like any other strategy. This is a textbook example of how price returns into the OB zone to collect liquidity before moving lower. Interesting? Yes, Would I trade this on NFP day? No Let’s keep watching and see if gold can present us with any setups next week. Have a good weekend, traders.
OANDA:XAUUSDShort
by TheVortexTrader
Gold to go to $700? #GOLDI know this will be controversial but I have noticed that there's a series of cups and spikes in this chart. The top of each cup always forms at approx 350% and each spike goes no more than 650%. We seemed to have reached the top at 650%. The bottom of the cups are always formed at approx 172% from the previous bottom of the cup. Looks like there may be a double top formed in gold and it has overshot and as a result, another cup is due to form on the line below where it has formed presently, satisfying the chart requirements of the top of the cup being at 350% and the bottom of the cup being at 172%. This would take gold price down to $650 / $700. My theory to support this chart pattern is that we have just had the largest quantitative easing in history. QE can devalue a currency. Inflation is lurking in the background and unemployment is teetering on a cliff edge due to furlough support. Interest rates have been unprecedentedly low for such a long time. In order to revalue currencies and combat inflation / stagflation, interest rates may have to surge. When the dollar rises, gold falls. I have also noticed that it has not entered an oversold period with the oversold stoch at 1.75 since 1996. I'm no chartist, I'm only a beginner, I am just merely sharing a pattern I have spotted.
TVC:GOLDShort
by UnknownUnicorn19720432
1
Bearish Gartley pattern (4H) GOLDThe Gartley pattern is the most common harmonic chart pattern. Harmonic patterns operate on the premise that Fibonacci sequences can be used to build geometric structures, such as breakouts and retracements, in prices. The Fibonacci ratio is common in nature and has become a popular area of focus among technical analysts that use tools like Fibonacci retracements, extensions, fans, clusters, and time zones. ************************************************************************************************************************************************************************************************************** looking to going short as the gartley pattern is showing, the TP 1 will be the 38% of the retracement AD , and TP 2 will be the 61% retracement AD , SL will be the X point.
TVC:GOLDShort
by Mazerozeox
Gold Keeping Downtrend?Gold keeps on a downtrend from the following days, - If it gains enough momentum it might retrace back to 1906.104 . The downtrend can be broken if the prices crosses the retracement line, starting a possible uptrend; - The price is currently trying to break the support level at 1755.061 . If the support is broken, our target might be 1687.075 . - There is a strong chance to keep a downtrend because there is a Parabolic SAR sell confirmation AND THE MACD levels are (-2.320, 130.200 and 132.509 and going down) and RSI on 57.96 going down, on the Monthly Chart. - NOTICE that everything can change after today's news release in the USA, these news will have a major impact on the commodity. WATCH CAREFULLY
OANDA:XAUUSDShort
by MauroF07