GOLD (XAUUSD) dip and pump upon pattern completion
Updated
- Gold is fundamentally bullish with the recent US airstrikes in Syria
United States launches 50 cruise missiles at Syria targets: U.S. official
- The next FOMC meeting will be held on May 2nd-3rd. Interest rates are unlikely to rise at this meeting
- In the coming month we anticipate that gold prices will be higher, the question is when will it move up?
- The screenshot above displays a possible butterfly pattern. Technical indicators including stochastics, CMO, UO and %R are giving bearish signals which supports this butterfly pattern. The entry point to go long will occur between 1154-1174.
- The SARS is currently holding as support. If the SARS switch, it will further increase the possibility of the butterfly pattern playing out
- Due to the fundamentally bullish news regarding the US missile strikes, prices may not wait for the pattern to complete and rally up in the coming week.
- If prices close above previous high of 1264, enter long position
- Expect silver and platinum to track gold. Expect palladium to track gold as well to an extent
United States launches 50 cruise missiles at Syria targets: U.S. official
- The next FOMC meeting will be held on May 2nd-3rd. Interest rates are unlikely to rise at this meeting
- In the coming month we anticipate that gold prices will be higher, the question is when will it move up?
- The screenshot above displays a possible butterfly pattern. Technical indicators including stochastics, CMO, UO and %R are giving bearish signals which supports this butterfly pattern. The entry point to go long will occur between 1154-1174.
- The SARS is currently holding as support. If the SARS switch, it will further increase the possibility of the butterfly pattern playing out
- Due to the fundamentally bullish news regarding the US missile strikes, prices may not wait for the pattern to complete and rally up in the coming week.
- If prices close above previous high of 1264, enter long position
- Expect silver and platinum to track gold. Expect palladium to track gold as well to an extent
Trade active
Bullish!Note
Pumping due to headlines regarding North Korea and also Russia today.Note
Gold is likely to continue on its bull run with support at 1278 (61.8% retracement) with the French elections looming, unresolved tension within the Korean Peninsula is likely to escalate before a resolution is found.Demand has increased in India which appears to be related to the recent government crackdown on cash.
Note
Gold is HIGHLY speculative long at the moment with the increased likelihood of an escalation with North Korea due to President Donald Trump briefing the entire senate (which is rare and unusual), along with rumours of increased activity around north Korea’s nuclear sites and the arrival of a nuclear capable submarine in South Korea. In the event of a conflict gold would be very bullish. 
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.