Here I have found an opportunity on XAU/USD with two possible scenarios.
Dependent on todays (05/07/2017) Daily candle close on Gold (XAU/USD); I have found two seperate possibilities - either option still gives me the same bias on Gold, which is a short to $1200 per Oz.
If we get a Daily candle close as a shooting star, I will automatically enter a Gold short,...
As you can see on this pair, although we made new highs for the last 12 months recently (seeing a close above 124.000) we have also seen a struggle to maintain above this level.
It looks as though the recent bullish run is running out of momentum and I think we can see 122.000, if not lower, pretty soon.
Monthly MA's are still down, and the Daily MA's are also...
Monthly - we can see some reasonably bullish price action with the MA's converging to cross. Showing a longer term bullish direction
Weekly - It's the first time in around 12 months that the weekly price action has managed to close above 124.00. Price action is above the MA's; which are crossed to the upside.
Daily - We have had a morning star formation at...
Since my last post, my sentiment on Gold has completely changed.
I was awaiting a clear break blow the bottom trendline you can see on this chart. We did not get this - so I did not enter short. We infact got a heavy rally up from the last touch of this trendline, creating new highs and making me think Gold is back in Bull Mode.
From this area here (around the...
While price action is technically making new highs, it looks like the momentum is actually running out of steam.
We did see a spike up above $1260's last week which has rapidly been pushed back down. Forming a shooting star on the daily and the weekly. Possibly could have been stop hunting manipulation.
A larger fibonacci sequence is still in play as you can see...
Gold has really been falling of a cliff this past week or so, with very little in the way of a pullback (for short entry) since the break of the bullish trend line around the $1230's area.
I know I have posted a few potential set ups where Gold could have pulled back for entry, but unfortunately they did not play out - which is not a problem, as we would not have...
Firstly - please excuse the quite busy/crowded chart here - usually my charts are a lot cleaner.
Anyway, as you can see from my last idea on Gold, we are quite possibly nearing the end of it's recent bullish run.
Momentum seems to be slowing down, we have reacted quite nicely from the 61% Fibonacci retracement and broken a reasonably long term...
As you can see from this Daily chart, Gold has been in a short/medium term bull trend recently.
This bulltrend could potentially be running out of steam here - as you can see from the Fibonacci I have applied to the bear trend before it, Gold has now reached its 61% retracement area.
It pulled back from the 61% Fibonacci area (around $1255~) quite rapidly and it...
As you can see EURJPY has been forming a series of Lower Highs (LH) and Lower Lows (LL) - which I have labelled onto the price action accordingly.
The blue dotted lines are recent (or we can call it daily) areas of support/resistance, where the price has reacted.
This means we are still in a secure downtrend.
I did post a short on this yesterday, however I got...
Gold has broken its $1250 area for the first time in a while.
We are in a clear uptrend at the moment.
It has retraced back down to a previous key level (indicated by the blue dotted line) where price has reacted nicely.
This area lines up nicely with the 61% Fibonacci retracement level also.
This is also a touch of the inner trendline as you can see on the chart,...
EURJPY has been in a recent downtrend.
I personally entered short on the break of the hourly counter trendline, which we are currently retesting.
As long as we don't make a break above the blue dotted line which is recent resistance (as price reacted nicely to this area recently), we can see this short down to 117.50's.
The blue dotted line also lines up...
