GOLDTREND-NET

GOLDTREND-NET Updated 

Gold seems like being in a short term correction after touching 1315- two year high. A short is recommend if price has a break out of the triangle and the internal trend line. MACD indicator also has a bearish divergence. Support is the yellow areas which coincides with 50% Fibo Retrace from 1199 to 1315. Trade plan: - Sell stop @1277. - Take profit @1260. After...

GOLDTREND-NET Updated 

USDCAD has bounced back from 1.2700 support level as expected. In fact, it has created a double bottom at that support area, and now is trading at 1.28500 A long is recommended at market price or at a lower level such as 1.2800 Stop loss under 1.2750 Two targets for taking profit: 1.3000 and 1.3200

GOLDTREND-NET Updated 

As I mentioned in my second part about shorting gold, I would look for some kind of reversal pattern on the daily chart to confirm my trade. Now the pattern has unfolded in both daily chart and 4hr chart. In the daily chart, gold made a spinning top candlestick yesterday which indicates some kind of trend reversal. However I have found a pattern on the 4hr chart...

GOLDTREND-NET Updated 

AUDUSD has created a double bottom at 0.7330 level. A long is recommended when price pulls back to support level (the yellow areas) Trade Plan: - Buy limit @0.7390 - Stop loss under 0.7330 - Take profit @0.7600.

GOLDTREND-NET Updated 

USDJPY has consolidated in a wedge. Divergence is spotted on both MACD and RSI indicators. A break out of the wedge is due. Price is at support level. A long is recommend at support level or after price breaks out of the wedge. Trade plan: - Buy limit @105.50 - Stop loss @105.00 - Take profit @108.00 Stay Tuned.

GOLDTREND-NET Updated 

If you follow my idea about shorting gold, it could be the moment to pull the trigger now. If you do not have a chance to read part 1, check out my profile and look for my older posts. In this part 2 I will show you some more evidence why we want to pull the short on gold. Let's take a look at the chart where I compare Gold chart with USD Index DXY chart. As you...

GOLDTREND-NET Updated 

GBPCHF has been in a bearish trend dropping from 1.4605 to a low at 1.3863. Looking at the 4hr chart, we can see an opportunity to long a counter trend for this pair. We spot a bullish divergence on the 4hr chart. Plus there is candlestick pattern called morning star at the recent low that could signal a short term bottom. There is a downtrend line that once price...

GOLDTREND-NET Updated 

If you follow my idea about shorting gold from a monthly reversal perspective, then now it is time to prepare for the setup. But first let me explain why we short gold. You might wanna read this post first. Anyways, take a look at the weekly chart above. As you can see, gold has made a higher high (HH) at 1303 but then followed by a lower low (LL) at 1200....

GOLDTREND-NET Updated 

Le'ts take a look at the Soybean Futures market by examining its 2hr chart. What do we see: - Price has consolidated in a descending triangle. - Support @1130 running flat - Resistance is the downtrend line. - A break out of either way will tell us about its next going direction. A descending triangle is usually a continuation pattern so here the upside is...

GOLDTREND-NET Updated 

Take a look at this 4hr chart of AUDUSD. What do we see: - Break out of downtrend line. - Bullish divergence - Support @0.7300 (Yellow areas) - FIBO Retrace 23.6% - Resistance @0.7500 (Red areas) - FIBO Retrace 50.0% Wait for pull back @0.7300. Set a buy limit @0.7310. Stop loss under 0.7240. Take profit @0.7500 Stay Tuned.

GOLDTREND-NET Updated 

AUDUSD has bounced back from the monthly support area 0.6800-0.7000 to 0.7350. Can draw a long term trend line support from year 2001 until now. AUDUSD has made a low at 0.5000 in 2001, then followed by a higher low at 0.6000 in 2008. Recently it has made a low at 0.6830 at the beginning of 2016, still a higher low. Bullish divergence can be spotted on monthly...

GOLDTREND-NET Updated 

The pair USDCAD has formed a head and shoulders pattern on the 4h chart. 1.3000 area seem like strong resistance while 1.2700 will provide good support. The price has broken the support trend line, also acts as the neckline of the head and shoulders pattern. A short is recommended once price will retest the neckline and resistance @1.3000 with a stop loss...

GOLDTREND-NET Updated 

After non-farm payroll number came out very bad @38K, gold has broken out the range 1200-1220 to trade as high as 1242. Looking at the 2hr chart we can see the followings: - Gold has reached its FIBO 38.2% retrace of the down run from 1303 to 1199, which is around 1240. - Gold made a shooting star candle on 2hr frame chart. - Support is around 1225-1230 (The...

GOLDTREND-NET Updated 

- Gold made a bearish engulfing candle on the monthly chart for May after a strong monthly rise. - And it happened at the strong monthly resistance @1300, also the 50% Fibo Retracement from the low of Oct 2008 to the all time high of Sept 2011. - It also touched the upper bollinger band. - Notice the downtrend line that draws from the all time high at 1924. Gold...

GOLDTREND-NET

Gold has made a minor bounce after touching 1200 support area. A break out is due. NFP will be a game changer. If solid number comes out, gold might drop. If NFP is bad such as less than 150K, gold could run to the upside. I predict 2 scenarios for gold as charted. 1. First scenario : Gold breaks out of the neckline and runs to the upside at 1242. This is an...