gold closing higher closing higher at each days close.
bullish sentiment in the PM
Also assisted by AUDUSD falling.
AUDUSD falling as RBA is expected to cut next week to .5%
XAUAUD trade ideas
AUD dying a slow death against real moneyXAUAUD - This has to be the most telling of all sorties of all.
While everyone continues to pile into trendy tech stocks operating in crowded consumer markets, harbouring astronomical debts, that make no profit, with PE ratios higher then Cheech and Chong. At the same time the unloved boring gold sector with low PE ratio businesses, no debt, free cash flow and cash reserves finally showing signs of life. Gold tells the story of a slowly dying monetary system poised to give the retail investors one last f**k you. Where will you be on the next bank holiday?
How did you go broke?..Slowly. Then all at once.
GOLD/AUD POSSIBLE BUYWe got a great possible buy for this pair where price has created a new HH after broke the descneding daily TL that lines up with a retest to a previous structure/impulse and the 61% fib forming a nice reversal candle and confirming all these with a 4th wave correction
Gold performance during the DEC 2007 to JUN 2009 recessionGold performance during the DEC 2007 to JUN 2009 recession
XAUAUD WAY TO EXTENDED IM HOPING IT DROPSStop above right shoulder if you can even call this head and shoulders.
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).
