Short gold XAUUSD as descending trendline holds Short on gold earlier as descending trendline continues to hold allowing us to trade the range down to low 1305 area
Xaushort
Gold looking to produce a down gartley around $1317/20!Believe it or not, it is just a matter of time before we could confirm that Gold has carved a major top at $1326 levels. The recent price action in Gold reveals that prices could be poised to print below $1300 levels if not further. With prices bouncing off from $1303 levels yesterday, it could be possible that a down gartley is underway before it resumes lower again. Moreover, fibonacci convergences point to a surprise rally above $1317 levels as well. Again looking at the overall structure, Gold n=might have terminated the last leg of a huge triangle consolidation around $1326 levels earlier. If this structure holds, prices should remain well below $1326 levels and continue drifting lower. Please note that a break below $1276 levels would be extremely encouraging to further bearish outlook. Overall bearish outlook remains until prices stay below $1326 levels.
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SHORT Gold remains vulnerable below $1326 levelsGold prices might touch $1217 levels intraday before deciding further short to medium term direction it seems. As discussed earlier, Gold might have hit a major resistance at $1326 levels recently that has potential to remain a major top going forward. Also, on the shorter time frames, the yellow metal might have produced an impulse between $1326 and $1302 levels respectively. Furthermore, the subsequent rally also seems to be corrective till now and might find resistance around $1317 levels or already found one at $1315.50 levels respectively. The short term counts suggest that the metal could be poised to continue dropping lower towards $1295 levels at least if not further. A break below $1280 levels would be extremely bearish for the yellow metal and a long term reversal could be on cards.
Disclaimer:
This written/visual material is comprised of personal opinions and ideas. The content should not be construed as containing any type of investment advice and/or a solicitation for any transactions. It does not imply an obligation to purchase investment services, nor does it guarantee or predict future performance. FXTM, its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness of any information or data made available and assume no liability for any loss arising from any investment based on the same.
Short XAU gold at 1314 area after near term bounce Looking for XAU to bounce from here to 1314 area before resetting short down to 1300 area. Expecting market to follow A-B-C waves. Should it fail to bounce then unlikely to chase the market lower
Everything will Change In The Blink Of An EyeGold price presses negatively on the minor support that appears on the chart, which hints the price head to decline in the upcoming sessions, targeting testing 1208.40 level mainly.
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Rising Wedge on XAUCHFThe wedge would be traded as a continuation patter to the downside. Wait for a break and close below.
XAU/USD Gold could move 100 pips.We see price had a major rejection at 1335.00 ( at the first gold cat) We can see price wicked down very hard at that level. Took a look at the yellow line. we see price move lower to 1328.86 ( the yellow line) and price closed lower than the pervious candle. and sellers secured profit at 1321.32. If you look to your left at the gold house we can there was a lot of volatility and sellers took profit at that level before. Price pushes up to the second cat and still 1332.12 ( 100 pips ) price is rejected. then we see price form and inverted hammer ( inverted hammer has a small body and long wick. its like an upside down hammer) Price forms inverted hammer at the 3rd gold cat pushing price even lower. if price breaks the support of 1325.54 i will enter a sell and take profit at 1320.17 near of the gold house ( because thats where sellers have been trapped twice) if breaks below the house i will take a sell for another 50 pips.
XAUUSD - Counter trend setup-We've reached a price where several fibonacci levels confluences from different timeframes.
-We have a historically strong support and resistance level.
-At this current level we see a double top being formed on hourly.
Depending on rules, there's also a big bearish gartley pattern completing its D leg at this level.
Preferably, I'd like to see a break to the downside after the top before entering, but in spite of the other clues I'm entering with one position now.
XAUUSD - Daily rejectionsMy reasons for entry:
9 daily rejections, not counting the previous top 27/2 makes this case interesting. The inverted hammer after the double top formed tells me that we have a potential fall to the downside to profit from.
XAUUSD (4H) Potential short opportunityLooking at the 4 hour chart we have found resistance at historically strong support and resistance zone. Price did not manage to close above 1234.00 despite several attempts. Right above us we find a 0.618 fibonacci retracement.
Looking down at the hourly we also see a 2618, a double top (which also can be seen on 4h) followed by a 0.618 retracement after breaking to the downside, passing the "V" point of the double top.
I take this as a first, of two, possible entries to sell. Target 1220.00
Lets see how we do
Gold - Patience (Short-MidTerm)Short Term
We could have a bounce to test the trendline around 1245-50 area in the next 2-3 days and then we can head towards the DCL around 1200-1180 area which is the 61.80% retracement from the December lows. This also means we could form a H&S pattern which once broken it could fall further around 3.5%, the same extension from the neckline to the the 27h February top.
This also agrees with the March seasonality weakness.
Mid Term
Based on ElliottWaves we could place in the DCL this month and start climbing to the 1280-1300 area in 12345, challenge the Trump Elections top and bottomed again on summer in the correction wave. This could be the DCL to impulse us to the moon as many people like to say. Will see, still far away from now, many things still needs to play out.
Even if the odds for a rate hike are around 79.7% based on Investing tool, I´m not on this camp, I think the strong probability might be on June but obviously it will be quicksand the next months. Also we´ve got NFP report this Friday which could move markets either direction.
All Support/Resistances on the chart are Weekly. The blue vertical lines are the US rate hike decisions.
Trade Safe and make money both sides of the waves
XAUUSD (15min) Short term - Short opportunity with 2618A potential 2618 setup is closing in on 15min XAUUSD. Price is currently meeting resistance at a previous strong support level looking back on higher time frame. Perhaps this could add to the case with the price consolidating around this area, and just maybe push price back down enough for us to profit. Im not looking for extended targets, only retest of the previous leg falling from the second top down to the recent low.
Order is pending, lets see if we get filled.
Another try at GOLD - XAUUSD, Shorting bearish CypherBearish Cypher completing below previous trend/pennant line. Although it has already been violated, it could potentially hold some resistance. Lets see if it, with the help of Mr Cypher, can beat the bulls.
XAUUSD 4H - Get ready to short with 2618As USD trembles, XAU makes its path upwards. I will enter above 0.618 fibo (see chart). Entering late will give me a better risk to reward ratio, sure, it does also decrease my chance of getting involved - but I will live with that.
Trend + structure were broken on the downside, which adds to the case with this 2618 trade.
Order is set, lets hope we get filled!
GOLD - Targetting 1110-1000Very strong bearish moves and shows further space to the donwside. Currently in a corrective structure we seem to be completing wave D with E expected to start and eventually break out of the structure
XAUUSD - 2618 Short SetupDouble top followed by break to the downside. Selling the retrace with falling trendline as resistance together with previous structure-zone. Looking to take profit above 61.8 retrace of the leg.
Stop loss above highest of the tops.
Since is NFP tomorrow I will definitely be on the lookout.
XAUUSD (1H) SHORT Close below bullish pennant. Same trendline acted as resistance which gives us an opportunity to get short with target at previous low.
Stop loss above doji.
xauusd in dander area that we think will going to broke &shortWe find touching @1256.86 and retesting this price agine
AND
in other side we also find same resistant @1274.39
BUT
depending on basic and news analizy
i think we will see broke and SHORT enter @1256.86 with main target @1248.09
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