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GOLD/EUR

"StOnKs OnLy gO UP"... Well so then does Gold.A very nice technical setup here with 1900 acting as clear solid support (floor) rejected multiple times as shown. This actually counts as two patterns, the way you want to look at it or give it a name. What isn't arguable is that 1900 has rejected support and is firm. The lower highs on the daily time frame suggest that price momentum is now squeeze. Looking at the Bollinger band and the kilter channels, we can see something big will happen. I am bullish on gold , holding my long from last year with multiple positions added. I will look for a break of the bull flag / pennant . Plenty of upside for gold still left pre-election.
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TVC:GOLDLong
by TayFx
74
ridethepig | Gold Towards Support📌 An important exchange here for Gold as late unaware buyers begin to go overboard on position length and combination of over expression. Sellers on the other hand are aiming for a pullback towards soft and strong support zones at +/- 1750 and +/- 1550. I managed to carry out a deeply laid plan since 2018, although it could easily have been refuted since sellers have been handicapped in a well known risk-off environment. Moreover, I understand no macro swing ending is exactly ideal but rather one that is more clearly illustrated with time. Things developed with the highlights as follows: (1): The Ladder is empty Buyers were threatening control since $1,200. The key takeaway from this is to understand that sharp speculators have been riding this for some time. The simple and clear flow has been higher. Here buyers took charge and began the march towards sellers outpost at $1,970. Note that instead of playing for intraday moves and banking pips, the correct approach was to swing the bat for a Long-term fundamental trade and continue loading the moment it started working. Pips are for pipsqueaks! (2): Large Triangle Forming In the flows, there followed after a few handles higher very little resistance from sellers who could not be liberated at the time. An interesting notion as to how keen sharp hands were to trade the moves higher in Gold and how much of a leading indicator it has been for the entire Covid flows. (3): Delights and Torments/b] The examples continue to show a simple case of flanking and riding the pig until the trend exhausts itself. Until now, sellers have not posted a credible threat. The macro swing worked perfectly in spite of allowing some minor overshoots at $1,970. Play went on... Buyers begin to take profit and sellers attempt their first credible advance since Covid chapter I as Fed have implemented AIT as a somewhat backward solution to an inevitable problem. The technical pullback sellers wish to create opens up $1,750 and $1,550 as main targets before anything else can be opened. I think this pragmatic correction is a demonstration of when the boat becomes too crowded on one side. Positioning dominates play as inflation takes the backseat for now, the struggle to hold $1,925 will imply the highs are here for the year because of the $1,970 blockade. Thanks as usual for keeping the feedback coming 👍 or 👎
FOREXCOM:XAUUSDShort
by ridethepig
12