Gold trading today. Possible direction. Bullish on Russia SHaven
Updated
https://www.tradingview.com/x/LFfnPBhb/
Gold and Silver are up nearly 2% already. Topping formations are noted on lower timeframes.
PMI & Inflationary expectations in the data coming up.
I think Gold price could pull back in the next hour or 2 as there is weakness below 2697 (red line chart). Price will probably pick up support after a maximum of 0.5% drop to green area in chart.
I think buyers will move in around that level 0.5% approximately down and buyers will set in.
I think that with Cryptocurrency shining the market is not paying as much attention to inflation data. Cryptocurrency is the future and this is being priced into the dollar movements, which is perhaps a similar reason given Cryptocurrency and Bitcoin about to take 100,000 that the Gold price is also moving bullishly despite the USD$ rallying. In other words, a divergence aways from this inverse relationship between gold and the US dollar. Just my thoughts, nobody else's.
Update: Yes price just broke through a double bottom on 5m.
Down to the support zone I have marked see it holds.
Even the MACD says price is going a bit lower.
I still expect price to reverse to the upside within the next little while.
Gold and Silver are up nearly 2% already. Topping formations are noted on lower timeframes.
PMI & Inflationary expectations in the data coming up.
I think Gold price could pull back in the next hour or 2 as there is weakness below 2697 (red line chart). Price will probably pick up support after a maximum of 0.5% drop to green area in chart.
I think buyers will move in around that level 0.5% approximately down and buyers will set in.
I think that with Cryptocurrency shining the market is not paying as much attention to inflation data. Cryptocurrency is the future and this is being priced into the dollar movements, which is perhaps a similar reason given Cryptocurrency and Bitcoin about to take 100,000 that the Gold price is also moving bullishly despite the USD$ rallying. In other words, a divergence aways from this inverse relationship between gold and the US dollar. Just my thoughts, nobody else's.
Update: Yes price just broke through a double bottom on 5m.
Down to the support zone I have marked see it holds.
Even the MACD says price is going a bit lower.
I still expect price to reverse to the upside within the next little while.
Note
I might take a trade long soon on the 15m chart. Or even wait for the 1hour chart for better clarity.
I see that the Daily chart for gold is extremely bullish.
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A lift here very soon on 15m chart. Very short term profit upwards long.
I will wait for price support and I would say from the 1hr chart.
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The JacobMaclebey volume order block finder yellow bullish is where price may turn back up. You can see where it got this support last time in chart a bit earlier.
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according to baby pips these pmi figures only have a medium impact. They would know.
The charts are coming into a nice alingment for a long trade in gold and the Daily chart is also bullish.
But will wait for another 10m for pmi.
Trade active
I took a long trade on the breakout of this channel.
Probably see how pmi is now.
Even a sell off pullback further I think buying will happen either way.
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Note
No fomo here. I think price will moslty wait for the next data in 10m.Note
Using a vpn today. Geez they slow yr computer down.
Daily chart here. Momentum rsi and stochasics greater than 50 macd is indicating higher prices.
Trade closed manually
New targetsNote
Buy the break above 2697.50 for a breakout trade in goldNote
What I published only 3 or 4 hours ago.
Actually above the previous high 2698.30 is what the bulls want to see before getting long.
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Why the Gold price will quickly take the double top pattern and move through 2710.07
Bullish OBV currently here on 1hr
RSI momentum up close to 70.
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bos just occurred in gold. next target is 2714.75
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