Gold: some infos
Updated
Hi Guys,
normally I do not use the A/D indicator or Volume becuase I don't need them for my trading. I want simplicity. That's why I use RSI and two SMAs in addition to XP, news, events and patterns.
In this case A/D just confirms the strong bullish trend which is evident just by looking at price.
Volume seems to provide confirmation of the divergence in hights with RSI which may signify that 1453 may be a top and a reversal may be forthcoming.
However price has been supported above 1410 despite sentiment below 50 RSI line.
Considering actual price position within above framework and forthcoming FED meeting on Jul 30-31 please trade carefully.
IMHO, key factors that remains supportive for Gold (ref my post dated Jul 3rd - 4H chart) are:
1) Rising tensions in the Middle East;
2) Worries over a No-Deal Brexit;
A loose monetary policy by CBs, IMHO, is not supportive for the precious metal on the long term. However, since USD may suffer from a rate cut, Gold may benefit for a short run.
Finally please remember that Gold is considered a safe haven like JPY and that the moves of gold and USD/JPY are inversely correlated (108 for USD/JPY is a key level).
For additional infos about Gold please refer to the related ideas linked at the end of this post.
Depending on your strategies I hope all the above informations will be of help.
Thank you for your support and for sharing your ideas.
Disclaimer:
Please note that I am not a professional trader and these are my personal ideas only. The information contained in this presentation is solely for educational purposes and does not constitute investment advice. The risk of trading in securities markets can be substantial. You should carefully consider if engaging in such activity is suitable to your own financial situation. Cozzamara is not responsible for any liabilities arising from the result of your market involvement or individual trade activities.
normally I do not use the A/D indicator or Volume becuase I don't need them for my trading. I want simplicity. That's why I use RSI and two SMAs in addition to XP, news, events and patterns.
In this case A/D just confirms the strong bullish trend which is evident just by looking at price.
Volume seems to provide confirmation of the divergence in hights with RSI which may signify that 1453 may be a top and a reversal may be forthcoming.
However price has been supported above 1410 despite sentiment below 50 RSI line.
Considering actual price position within above framework and forthcoming FED meeting on Jul 30-31 please trade carefully.
IMHO, key factors that remains supportive for Gold (ref my post dated Jul 3rd - 4H chart) are:
1) Rising tensions in the Middle East;
2) Worries over a No-Deal Brexit;
A loose monetary policy by CBs, IMHO, is not supportive for the precious metal on the long term. However, since USD may suffer from a rate cut, Gold may benefit for a short run.
Finally please remember that Gold is considered a safe haven like JPY and that the moves of gold and USD/JPY are inversely correlated (108 for USD/JPY is a key level).
For additional infos about Gold please refer to the related ideas linked at the end of this post.
Depending on your strategies I hope all the above informations will be of help.
Thank you for your support and for sharing your ideas.
Disclaimer:
Please note that I am not a professional trader and these are my personal ideas only. The information contained in this presentation is solely for educational purposes and does not constitute investment advice. The risk of trading in securities markets can be substantial. You should carefully consider if engaging in such activity is suitable to your own financial situation. Cozzamara is not responsible for any liabilities arising from the result of your market involvement or individual trade activities.
Note
2 charts are following. 4H and Daily. Please watch how 50SMA and RSI plays on both:Note
It may be a sell into ascending 50SMA in conjunction with FED meeting on july 30-31Note
Target could be 1380 if 1400 do not support.Note
Note
4H pushed down by SMANote
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#Gold may be unfolding an #endingdiagonal into today's #FOMC meeting. If so, it may not be the right time yet to play #RSI divergence . Rising wedge or flag not sufficiently mature #IMHO for a #pullback.
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