Spotgold
Gold Debate: Bulls or Bears . Heads or Tails or TechGold has shown no clear direction on which sentiment it falls under for the medium-long term. In this instance we have 2 possible outcomes from the setups shown above. Share your thoughts and Like and Follow. For more info check out our bio on homepage.
Gold Swing Buy StructureIn the previous post Gold did not show much reaction this week to the H4 resistance rather we saw alot of consolidation. Expecting Gold to possibly breakout of the major downward channel with the 5 wave correction being a signal to next impulse leg up.
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Gold potential longGold very recently dipped in to a pool of liquidity (last significant low before a large move up) that led to the parabolic rally that printed new highs.
As soon as the violation happened we saw rally that violated the bearish market structure on the daily timeframe giving very bullish signals.
This correction might not be over but there is an opportunity to buy gold and ride it to 2000.00 and potentially higher.
I don’t know what the market is going to do long term but for now PA is pointing me in that direction.
I’m waiting for a dip in to the zone I highlighted below. I would have a limit order be I haven’t been following gold long enough to be sure of its levels/zones just yet.
I will have to watch this carefully and monitor price when it reaches my levels.
Let’s see how this one plays out.
Gold - 1800 on back Burner - 1975 in the CardsHello and welcome back. If you found this idea helpful, please leave a like. My last Gold post was on the topic of a retracement higher, which I got. However, it no longer looks like it wants to press lower to 1800. We should target the highs above at 1975. It can retrace down into the pinkish rectangle below, but I would rather not see that. I want to see strength.
Gold needs to find support and soonSpot Gold has been hurt by a run higher into the USD and buyers will need to hold some support soon. We are watching the 1868 zone to see if buyers react and start a squeeze on sellers for a run up. The latest trend is down and momentum may be enough to push price even lower which would open up a move down to 1794. We expect to see a reaction around 1868 although only time will tell whether a higher low will stick for a buying opportunity and for recent sellers to be squeezed back out of the action.
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Gold idea TRIANGLE
Gold markets have pulled back a bit during the trading week, only to show signs of strength again just above the $1900 level. I do believe that the $1900 level is going to continue to offer a bit of support, but at the end of the day I think you have to be very cautious about getting overly bullish as the US dollar seems to be trying to recover
If we were to break down below the $1900 level. I would recommend buying it $1800 underneath, because it was so structurally important in the past. Beyond that, I think that the market will do everything it can to find buyers, but if we were to break down below the $1800 level then I think we have to kind of rethink the entire situation. Longer-term, I believe that gold goes the 2500 based upon a whole slew of things including the Federal Reserve, global growth stopping, and of course geopolitical issues such as traits bounce between the United States and China. I have no scenario in which I am selling currently.
In short for myself i will short 1937 when market opens to 1917-1920 and then buy at that point and stop loss at 1900-1907.