Friday 23, N.Y Gold & USDX: Very very interesting...See charts!
Updated
https://www.tradingview.com/x/4vZ2VIi3/
Happy Friday guys, I was tired & late getting into the Asian session earlier. But as soon as I locked-horns with my 42" monitor I saw that Gold & Silver were in a mild upside rally. I soon took a long position & recommended one for you in Silver which was rallying stronger than gold.
The gold price struggled at resistance from 2490 to 2500, not strong resistance at 2490 but volume is always lighter in the Asian session. We quickly booked a profit, I am hoping you did as everything happened so fast in a Long trade which only lasted 40 minutes or so. What happened next? Plz read on below.
I saw that price kept getting rejected at the 20 EMA on the lower-time-frame. I decided to go Short & I recommended a very small lot-size Sell-stop below where price was I think from memory my Sell-stops were around 2489 or thereabouts. Next, I distracted myself on another project on the 'hotcopper' forum with a bullish lithium company I am very heavily invested in called Raiden Resources RDN is the ticker, if you want to check it out, I will never sell Stock trades but this thing is looking good, but you google the stories on Raiden Resources if you wish.
So, I had no Stops on my Short because I generally do not like Stops because I find 9 times out 10 the Market-Makers will hunt your stop down so that Mr & Mrs Market-Maker make their big fat wealthy private bank clients wealthier. Maybe that's a bit harsh, but I often wonder.
So the Gold price found support because I took my eye off the field & forgot to book profits and the Gold price started to properly find support and some strength above 2490.
Guys, that is enough on that. Look what concerns me in Friday trading are these bullish Head 'n' Shoulders patterns & on multiple timeframes. We are still about 0.31% from the trigger line & look they probably won't play out today, but what about next week? If the USDX does turnaround next Monday & it certainly could do that because it is very oversold on the Stochastics. However, the path of least resistance for the USDX is further down because it's below its moving averages & how many bloody times do we go Long & then close out of the trade & look at a higher-time-frame & exclaim to ourselves, 'I am an idiot the trend was down / the path of least resistance was down - Why did I go Long'. I used to do it all the time when I was a very green, greedy & gullible trader. Well I still get greedy!
I will monitor these H & S's on the ASDX.
I see where the boss speaks today, The Fed Chair, Mr Powell at 10am Eastern Time USA & Canada and we also have another chat from FOMC member Bostic. My feeling is that Mr Powell has maybe felt a bit anxious lately & he may give our market a bit of a boost today by reiterating the theme of interest rate reduction(s) next month which of course will bode well for Gold & Precious Metals in general.
Further on the Economic Calendar today, we have Building Permits at 08:30am & then New Home Sales at 10am, the latter having a bit more weight and bearing on our trading. Unless you are looking to Short the Gold price today, with our 2 speakers hopefully talking up an interest rate reduction & if the other 2 mentions on the economic calendar come in a bit bearish then this will be poor or the USD but more than likely supportive of the Gold price and getting back above 2500, which I think is where the 50EMA sits on the 1 HR Chart.
So recapping, my feeling is that today will be bullish for Gold depending on New Home Sales mostly but Mr Powell's endorsements rate reductions for the US economy commencing next month will shrug off any bearishness in the Gold price.
In addition to the Head 'n' Shoulders patterns for the USDX (see the 1st set of charts), I have scouring Precious Metals searching for other H & S's patterns so I will be posting these charts so that you have a road-map for the possibility of taking these H & S trades which are predominately bullish ones, I will post these below very soon & I have tradingview alerts set for when price gets near the neckline.
Cheers,
Chris
Happy Friday guys, I was tired & late getting into the Asian session earlier. But as soon as I locked-horns with my 42" monitor I saw that Gold & Silver were in a mild upside rally. I soon took a long position & recommended one for you in Silver which was rallying stronger than gold.
The gold price struggled at resistance from 2490 to 2500, not strong resistance at 2490 but volume is always lighter in the Asian session. We quickly booked a profit, I am hoping you did as everything happened so fast in a Long trade which only lasted 40 minutes or so. What happened next? Plz read on below.
I saw that price kept getting rejected at the 20 EMA on the lower-time-frame. I decided to go Short & I recommended a very small lot-size Sell-stop below where price was I think from memory my Sell-stops were around 2489 or thereabouts. Next, I distracted myself on another project on the 'hotcopper' forum with a bullish lithium company I am very heavily invested in called Raiden Resources RDN is the ticker, if you want to check it out, I will never sell Stock trades but this thing is looking good, but you google the stories on Raiden Resources if you wish.
So, I had no Stops on my Short because I generally do not like Stops because I find 9 times out 10 the Market-Makers will hunt your stop down so that Mr & Mrs Market-Maker make their big fat wealthy private bank clients wealthier. Maybe that's a bit harsh, but I often wonder.
So the Gold price found support because I took my eye off the field & forgot to book profits and the Gold price started to properly find support and some strength above 2490.
Guys, that is enough on that. Look what concerns me in Friday trading are these bullish Head 'n' Shoulders patterns & on multiple timeframes. We are still about 0.31% from the trigger line & look they probably won't play out today, but what about next week? If the USDX does turnaround next Monday & it certainly could do that because it is very oversold on the Stochastics. However, the path of least resistance for the USDX is further down because it's below its moving averages & how many bloody times do we go Long & then close out of the trade & look at a higher-time-frame & exclaim to ourselves, 'I am an idiot the trend was down / the path of least resistance was down - Why did I go Long'. I used to do it all the time when I was a very green, greedy & gullible trader. Well I still get greedy!
I will monitor these H & S's on the ASDX.
I see where the boss speaks today, The Fed Chair, Mr Powell at 10am Eastern Time USA & Canada and we also have another chat from FOMC member Bostic. My feeling is that Mr Powell has maybe felt a bit anxious lately & he may give our market a bit of a boost today by reiterating the theme of interest rate reduction(s) next month which of course will bode well for Gold & Precious Metals in general.
Further on the Economic Calendar today, we have Building Permits at 08:30am & then New Home Sales at 10am, the latter having a bit more weight and bearing on our trading. Unless you are looking to Short the Gold price today, with our 2 speakers hopefully talking up an interest rate reduction & if the other 2 mentions on the economic calendar come in a bit bearish then this will be poor or the USD but more than likely supportive of the Gold price and getting back above 2500, which I think is where the 50EMA sits on the 1 HR Chart.
So recapping, my feeling is that today will be bullish for Gold depending on New Home Sales mostly but Mr Powell's endorsements rate reductions for the US economy commencing next month will shrug off any bearishness in the Gold price.
In addition to the Head 'n' Shoulders patterns for the USDX (see the 1st set of charts), I have scouring Precious Metals searching for other H & S's patterns so I will be posting these charts so that you have a road-map for the possibility of taking these H & S trades which are predominately bullish ones, I will post these below very soon & I have tradingview alerts set for when price gets near the neckline.
Cheers,
Chris
Trade active
Standby for a Gold-BUY Trade.
Gold is bullish as we go into the London session soon.
Mr Powell speaks later....things are bullish.
Soon we will get support on the 1HR 50EMA. I will look for a retracement & entry for you.
* I will give you a stop-loss, a loose one because the market-makers love to take out stops. OR Use a mental stop like I do 99% of the time.
Standby for Long gold
Trade active
Plz wait-out for my buy-signal... I will try to get you in on a fib retracement very soon
Trade active
We are going Long Gold Guys... Good setup with price retracing right now on the 1hr 50ema
Place a buy-limit order XAUUSD anywhere from 2494.90 to 2495.90.
Stop loss...if you use them...I generally don't encourage them...
SL 2490.15
OR wait for my next signal and I will do my best to get you in at an even better price
Trade active
Long Gold.
We are getting price support around 2496.50. Scale in there or buy at market. We will be heading back up soon. A lot of buying at these levels.
Fib may still retrace more I just don't want you to miss out.
Note
Notice the change around in the Stochastics today for Gold at the high time-frames. The Daily on the left is now crossing upwards of the 80. That is much better than crossing downwards on the 80 and below. Right of screen the weekly is still facing down but now well above the 80 critical level.
Trade active
Long Gold XAUUSD.
A critical support level is 2497.35 currently. Probably the most important level at the moment for the market structure of Gold. We are now above that level.
Trade active
Long Gold:
I sent out an alert about an hour ago or not even.
We got in on a Fib retracement just above the 50EMA on the 1HR.
Entry price was at market as Fib retracement did not properly occur, that tells me Gold is bullish at these low levels. We got in at around 2496.50. Price now is above the critical 2500 level past 2500.50. You would be sitting in a nice profit so far, but we are going much higher imho. I encourage you to use a very loose Trailing-Stop. Loose guys. They will stop you out at every opportunity.
Note
An update on the USDX. On lower timeframes very bearish. A strong Double Top on the 15m and bearish Head n Shoulders on lowertimeframes.
Trade active
Still Long Gold:
Be aware right now there is some weakness threatening price, a bearish head n shoulders on the 2m timeframe. Either way, I believe if this sells from the hns price will swiftly turnback around.
Trade active
I am Long Gold still.
Very bullish at last view trying to pump above the Double tops left chart lower time frame.
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