XAUUSD: Gold at a long term acquisition level
Updated
Just documenting this call. Gold retested the weekly uptrend mode here, very low risk buy zone. Stop slightly below 1196, or below 1159 for long term traders.
Good luck,
Ivan Labrie.
Good luck,
Ivan Labrie.
Note
Great progress.Trade closed manually
#XAUUSD daily chart implies a move down to 1184.07 by December 6th, let's exit our #XAUUSD long here, we can reload once this signal expires by then and exit #USDCHF in profit there too Trade active
#XAUUSD chart: Bot back at 1214.82 last night.
Note
Note
#XAUUSD has potential as a long, if we close the quarter by the end of March without retesting 1263.74, the quarterly chart signal will activate, implying a move towards 2702.10 by the end of Q1 2021, as a best case scenario
Daily #XAUUSD triggered a down trend signal but it's almost getting oversold here. Technically the weekly uptrend expires next week, which implies weakness is possible for the next 10 weeks as well. Possibilities are three: bulls fight back and buy into oversold conditions and prices don't fall much if at all, but likely range sideways for longer; daily bears win and we hit 1267.84 by the end of January or sooner and bottom there; or weekly bears win and we go back down to 1204 by the first week of April or sooner. I'm biased towards buying into daily oversold conditions personally.
Note
Weekly uptrend expired, but price grinded higher still. 1340 and 1360 are within reach next, but it might not be easy to hop back in for the ride if you already sold (like me). We took profits recently, and didn't manage to ride the last $20 dollars up or so.#XAUUSD triggered a bearish failure, which I sadly didn't manage to detect on time and react, now likely to slow down for a few days after Feb 7th worst case, best case, now, since we already exceeded the target range
Note
Gold tested a long term support level, after breaking it when it was acting as resistance. Last month triggered a confirmed monthly uptrend in #XAUUSD, three possible targets on chart, white arrows...If we hold over 1260, we may reach these over time by July 2020 or sooner. Alternative scenario is another failed trend like the red bars Trade active
Buying back metals today, adding over time, with a wide stop.Note
#XAUUSD is holding above both the Brexit and Trump election key resistance levels now...this is long term bullish as well, it had never breached these levels in a long time since these events occurred Trade closed manually
Seeing Peter Schiff bragging about being bullish on #XAUUSD is bearish for gold here. We can probably go short with a tight stop soon, bullish for equities as well Trade active
I'm long once again from 1288.78, also in #XAGUSD and #GOLD.If we hit 1307.53 this week, #XAUUSD will fire a 9 week uptrend signal, pointing to barely breaking the recent highs...on one hand, this would be some good profits for us, but it spells danger, since we would rather see one more week of accumulation...
Note
We will rebuy our #XAUUSD position soon, weekly chart indicates a new trend signal is now active, looking to add on dips from here onward, nice upside potential, for both weekly and quarterly charts Trade closed manually
Sold in profit, looking to rebuy on dips...dips may not come though, so, will rebuy same size as before, tomorrow. If dips come we will add.
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