REVERSE HEAD AND SHOULDER ON GOLDBearish head and shoulder on OANDA:XAUUSD
Targets as low as previous low 1764. Use proper money management
Shortgold
XAU/USD TO 1765.256GOLD head and shoulders, trading below daily levels so expect a rollover into lower levels.
GOLD SHORTMy first commodities share 🤓 I managed to get a good position at 1912.64, the triple touch in this area inspired me to take a short position. A hidden bearish divergence on the daily also encouraged me. I’m adding another short position 🤞🏾
#Gold Sell Oportunity!!!!!!!Gold has beed trading in a ranging market however in a grand corrective cycle.
that means the biased direction is to the downside in order to finish from the third corrective leg near 1805- 1776 $ per ounce.
meanwhile gold is retracing upwards in a 3 waves pullback, we will be looking for short positions near 1914-1917 level with respect to a stop loss
above 1923$ per ounce.
targets are open for now, however 1805 is insight.
Gold - Potential selling opportunity setup Taking a look at the 1 Hour chart on Gold, it has gone through a sharp drop since breaking its record highs above the $2000 level.
Currently now the price in Gold has pulled back higher from its sharp recent fall and is trading in an ascending channel.
This Channel has completed a potential larger 3 drive bearish pattern in the process. Why we like this pattern is that it has convergences at the 3rd drive high which also lines up with the 61.8% Fibonacci retracement.
This current high is starting to look like there is a bit of price exhaustion just below the $2000 level as well.
What we want to see is price start to breakdown on our lower time frames and locate any smaller bearish price patterns in the process to help confirm a possible move lower. We have also drawn a lower trend line as this can also increase the probability for a move lower and expose a good point of execution if this trend line gets broken to the downside for a possible retest entry short.
If the price in Gold starts to continue its rise and trades above the pattern and $2000 level no action needs to be taken.
GOLD - Using price patterns to time reversals of trends.With the market watching out for Gold to hit the $2000 level, once this occurred and broke higher you have to always be cautious and take a step back before jumping into any longer term trend continuation plays.
When new record highs or lows get established in any market that is highly liquid, its good to keep your options open and try and look at the market with also a contrarian point of view as well.
To many new and novice traders will just expect prices to keep climbing and jump into the move with no account for strategy, analysis or more importantly a study of price.
Looking at Gold, we wanted to keep an open mind and read the price action especially when your looking for counter trend moves as this will lower the probability of a trade but when you are patient and follow the structure of price you can get some good nuggets of information that can really help you time your trade.
As you can see on the 1 Hour chart, price was moving up nicely until it formed a bearish 3 drive pattern in the process. This pattern can be a good indicator of price exhaustion especially when you can see these being formed on no less then a 1 Hour time frame.
Once we saw the pattern complete, that alone is not enough, we need to be patient and find a lower trend line, preferably with multiple hits registered on the line for if this breaks to the down side as well, this not only gives us good reason to enter the trade short but it allows for greater timing and accuracy of the trade.
We would look to place our stop just above the 3rd and final drive high to start with, as we are trading the pattern so there is no need to place it very far away.
Gold 28/08wait when price form reversal pattern inside price zone 1940-1950, then short 1st target 1900
GOLD BEARISH BUTTERFLY
GOLD IS FORMING A BEARISH BUTTERFLY ALONG WITH PRICE EXHAUSTION AT KEY RESISTANCE LEVELS. IT MAY BE TIME TO SHORT, WATCH PRICE ACTION AT COMPLETION.
Short goldAs showing in chart.
We see the bottom is near and the gold lose the momentum. And the price action in the candle stick is reversal pattern.
Enjoy
XAUUSD Selllook for an entry set up for a sell in Gold to retest the previous region of support. Proper risk management is critical
Bearish GoldWe continue with the continuation of gold for sale. now we could see a confirmation of this movement when doing the pulback in the resistance of the 1700. We hope that the first important objective is close to 1600.
