Gold XAUUSD STUCK between Brexit extremes
Updated
Whatever your opinion of gold is at the moment, the market is afraid to move outside of the KEY BREXIT LEVEL from 1250-1358. Sure that is a wide range to operate in, but that level has contained the market since June 28th.
The "Highest Low" hasn't been outside that range yet and the "Lowest High" hasn't either.
The giant bi-distribution pattern around $1255 and $1325 as seen in the volume pattern on the right means the market has two scenarios it is trying to discount.
Short term there is a small, 7-day uptrend in place from the 7-day accumulation pattern that set-up from 1255-1257 through the 17th of October. When that rally phase ends, a decent trade is to shoot for a retest of that level. It could lift to 1279-1281. Risk is $10 on any position. The rally phase ends Wednesday.
Short term: Long for a rally to 1279-1281. After that, short with a target of 1257, 1291 stop.
The "Highest Low" hasn't been outside that range yet and the "Lowest High" hasn't either.
The giant bi-distribution pattern around $1255 and $1325 as seen in the volume pattern on the right means the market has two scenarios it is trying to discount.
Short term there is a small, 7-day uptrend in place from the 7-day accumulation pattern that set-up from 1255-1257 through the 17th of October. When that rally phase ends, a decent trade is to shoot for a retest of that level. It could lift to 1279-1281. Risk is $10 on any position. The rally phase ends Wednesday.
Short term: Long for a rally to 1279-1281. After that, short with a target of 1257, 1291 stop.
Note
Gold now has an 8-day uptrend signalling, which is a bullish, accumulation signal where new buy signals occur at higher prices. This new structure implies a move to 1295 over the course of the next 8 days.
Note
Gold is going along the project path (amazingly)
Low risk entry here with a stop under the 8-day mode (the black line)
XAUUSD 1266.45 -7.19
Tim
Note
I don't know what to say at this point.
Note
It just keeps getting better.... s3.amazonaws.com/tradingview/snapshots/d/DuWPJC9n.png
Target practically reached and only a day+ remains in the 8 day rally.
Note
The original idea was to short on the rally to 1279 zone, but that never set-up in a logical way. If you are trading this and are looking for direction, stand aside. I did post an even higher exit in the Key Hidden Levels Chat Room, but I didn't update this here. If you want to be on top of my latest view, see me there in KHL's chat room.
Tim 4:39PM EST Nov 7, 2016
Note
BREXIT is still CONTAINING GOLD.
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.