XAUAUD WAY TO EXTENDED IM HOPING IT DROPSStop above right shoulder if you can even call this head and shoulders.
XAUAUD trade ideas
GoldWe are seeing higher lows which indicates a "uptrend"
For confirmation to buy more we need to:
Hold support at $2135
An increase in green bars and ADX to increase momentum
A bullish MACD Crossover
Gold this year ran a maximum of 29% (currently 28% since January 2019)
a bit of learningWELL HERE IS A BIT OF TEACHING >>> audusa goes down this goes up , when aud goes up ausgold goes down
XAUAUD nice BuyGold Today Dec 3rd climbed on all currancies exept for Ausralian Dollar becouse of the AUDUSD strength
any weakness in AUDUSD will couse XAUAUD to snapp high faster than any other currancies
AUD will weaken a bit sometime soon so a nice .5% to 1% in a snapp trade
best wishes
Nidal
Gold in AUD - Falling Wedge.According to Bulkowski- Falling Wedge is an over all poor performer as far as bullish formations go, however it has a 68% of upward breakout. NB. since the formation is over 3 weeks old, it is a falling wedge and not a Flag and Pennant formation.
thepatternsite.com
DOUBLE TOP SHORT CONTprice currently on neckline, breaking out of this area i doubt will be straight forward , 1 of two things , price will retrace back to resistance showed on chart and break downwards (where the first sell might take place) , if price breaks neckline immediately, initiate sell , smart stops should be placed , a bit above neckline so you don't get stopped out straight away in case neckline is retested for RES.
(SUGGESTION) go down to 4HRS to get a better perspective of the retests and early entry opportunity , GO TO WEEKLY to understand whats going on long term(Clean DT setup if daily is not so convincing)
(gold is gold,no feelings involved)
Gold in AUD - Breakout coming. The grey shad is the first 2/3rd of the triangle (point of average breakout). Upward breakout has a 60%, downwards 40% according Bulkowski's research.
Gold in AUD daily is forming into a Symmetrical Triangle.According to Bulkowski's reasearch- this has a 60% probability of upward breakout. It is not a Pennant in an uptrend (since it is over 3 weeks old).
Gold Resistance @ $2361A Bump and Run Formation here on Gold/AUD, looking for the pattern to terminate at $2361 then a retrace to gann angle.
XAU/USD Trade IdeaWaiting for gold to do a small retracement and then it should break up and out of my purple zone.
Potentiail reversal On new set high ??? long or short Pair has manages to set new highs,gone beyond zones i previously had making them resistance , however is the run exhausted and reversal occurring at this point or just retracement before rally continuation
open for speculation
