GOLD - MAY BUY IF @1800 'SUPPORT' HOLDS
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I posted some chart analysis on Gold when we sold this precious yellow metal and made good profits.
Thumbs up to those that went with us on it. But here is what I can see on the Wk1 time-frame.
The D1 time-frame is too busy with a lot of whipsaws of candlesticks as price struggles to stay above
or below 1800 psychological level. Know that this is usually caused by indecision between buyer and
sellers, hence a relative consolidation, ranging or rally.
This Wk1 time-frame has filtered the noise and I can see these following things favour the buyers of Gold more:
All of these can mean that buyers are not relenting, couple with the random bearish performance of DXY lately. But y'all
know that nothing is fixed. So, please stay safe!
DISCLAIMER: Please note that this is not an investment advice for anybody to run or undertake; It is for
educational purposes only and they are my personal views on these assets. If anything goes south, I am not liable.
Also, know that Forex is a high risk and reward business. So, do not trade with borrowed money or the one you can
not afford to lose.
I posted some chart analysis on Gold when we sold this precious yellow metal and made good profits.
Thumbs up to those that went with us on it. But here is what I can see on the Wk1 time-frame.
The D1 time-frame is too busy with a lot of whipsaws of candlesticks as price struggles to stay above
or below 1800 psychological level. Know that this is usually caused by indecision between buyer and
sellers, hence a relative consolidation, ranging or rally.
This Wk1 time-frame has filtered the noise and I can see these following things favour the buyers of Gold more:
- - This multi-months descending channel is being probed by buyers and can break if pressured some more, even
with the current "fake-out" that I spotted and traded.
- A key support has been established @1763 - 1783 with those 2 rejection/reversal candlesticks indicated with
yellow and green arrows respectively.
- More confirmation to the rejection candlestick named 'hammer' is the bullish candlestick that ended last week.
The candlestick closed above the 50-EMA and that good news for buyers.
- The candlestick for this week has opened above the 50-EMA and can only invalidate the bullish reversal if makes a
lower low than last week's candlestick low. If not, we get to see another bullish move this week, a more aggressive one.
All of these can mean that buyers are not relenting, couple with the random bearish performance of DXY lately. But y'all
know that nothing is fixed. So, please stay safe!
DISCLAIMER: Please note that this is not an investment advice for anybody to run or undertake; It is for
educational purposes only and they are my personal views on these assets. If anything goes south, I am not liable.
Also, know that Forex is a high risk and reward business. So, do not trade with borrowed money or the one you can
not afford to lose.
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.
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.