We are meeting strong support at the current level!
A simple strategy to decide whether the market is Bearish or Bullish. If the price trades below the weekly opening price (Monday) it is Bearish and vice versa! By using this strategy you can decide if you should look for long or short positions
Why Gold is starting to look interesting: - A 0.618 Retracement from the top in 2011 - A Falling Wedge with a RSI divergence - A potential RSI BAMM Pattern with a 1.236 Extension - The current situation in the world markets
It doesn't look good from my perspective! All tools on this chart are pointing down :(
A potential cup and handle pattern has almost formed on the hourly chart! A breakout over the resistance from the Cup is a signal to go long. If we look back in time we have seen a valid Inverted Cup and handle pattern where a breakout resulted in relative big decline!
A potential cup and handle pattern has almost formed on the hourly chart! A breakout over the resistance from the Cup is a signal to go long.
We have a divergence on the RSI and if you have read: "Scott M Carney -Harmonic Trading, Vol. 2". you will know that it looks like a Bullish RSI BAMM pattern. If we break the blue line, which represent the RSI trigger bar, then it is bullish signal to go long!