Gold, long term accumulationWith a doubtful outlook on the world economy, people are seeking refuge in gold.
I already bought some gold at 972eur, and looking to enlarge my position around 1050-1060.
XAUEUR trade ideas
BEARISH BATPrice Patterns: "Bat"
The Bat Pattern, is a precise harmonic pattern discovered by Scott Carney in 2001
The pattern incorporates the 0.886XA retracement, as the defining element in the Potential Reversal Zone (PRZ).
The B point retracement must be less than a 0.618, preferably a 0.50 or 0.382 of the XA leg. The Bat utilizes a minimum 1.618BC projection.
In addition, the AB=CD pattern within the Bat is extended and usually requires a 1.27 AB=CD calculation. It is an incredibly accurate pattern and requires a smaller stop loss than most patterns.
BAT:
Point B:
38.2% to 50% XA
Point C:
38.2% to 88.6% AB
Point D:
88.6% XA
Targets:
TP1 38.2% AD
TP2 61.8% AD
XAUEUR Update Short-termConditions for Head and Shoulders . Still ECB meeting will set the major direction
XAU/EUR Currently consolidating under the T.L support but further decline seems likely.Under T.L resistance from Nov 3rd continue to look for shorts.In medium term we may see 960-940 levels come into play.If we break below these levels decline may extend further.
Gold in EUR,weekly, short, target ~640 EUR/OzIdea: 2 identical drives lower. That would imply EUR/USD to test 1.20- 1.22
GOLDEURO-nice long opportunityEverybody is looking at USGOLD now, here i found a clear long term opportunity to buy gold.
This setup is also supported buy Elliott Waves but i think the technical analysis is enough.
Looking at W1 chart we have:
- Price bouncing from trendline support
- 0.61 fib retracement
- bullish hidden divergence
- AB=CD pattern (weekly)
Here on D1 chart:
- bullish divergence
- another AB=CD pattern
- strong structure
- typical false breakout (this setup offers a R/R at least 1 to 2)
- engulfing bullish candle
- 1.61 fib projection
Best regards.
