Short

Gold - Ready to move higher? Possible Confirmations...

Updated

Gold caught my eye on a lower timeframe chart a few minutes ago. $5 move, gap up across two 1 min candles. Hit resistance at $1495, consolidating, looks like it wants to push higher.

Correlations... SP500 dropping. Seeing JPY index move up. NZD AUD index are dropping. All suggest risk off.

If gold breaks out, watch for silver to follow.

Note

3 min chart (I mainly scalp small tf, with trend, using a couple correlations to predict probability of a breakout from consolidation structure). Small tf may not be of any interest to HTF traders....

I mentioned earlier that silver was testing breakout trendline and might wait for gold to confirm breakout before moving higher.

I witnessed 3 times, test and immediate rejection nearing the end of NY session from
1)1493 level --> three upper wicks are visible (wouldn't consider this noteworthy, but the moves were all sudden spikes which seemed like aggressive bull attempts to break resistance) All three were rejected at the exact same level. Bears drew a line in the sand.

2) AUS session, new order flow. Attempt to break above resistance. Closed one candle above, sold off.

3) Tokyo open. First candle. Aggressive attempt to break resistance. Similar aggressive rejection. Tokyo open sometimes produces initial false move (stop hunt) before reversing direction. $1490 held as support.

Only reason I bother typing this is, bulls need to break and hold $1495. Too many rejections may encourage bears to attempt a more aggressive selloff.

Break above 1495 resistance turns support, I will add to my position. Scale in. Catch the big move.

My opinion, gold / silver are the best money trades 2019.

cccpKGB1

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