Those Dang Kids & Their Electric Money... - GOLD! (XAU)
Updated
Hello friends! Ok, so, Gold has been really, really frustrating the past week or two. It seems content to spiral around this area for a bit.
I developed a personal vendetta against XAU over past days and decided it was time to crack the code on this guy.
So, what we've got here is essentially a nice mix of fib tools I've put together to give us an idea of just what the heck is going on.
Gold had a pretty decent wave up from last fall to March of 2019, now seems to be looking quite bearish or weak at least. I'm not going to pretend to know the first thing about the Gold industry because, I really don't. I trade only the charts. The charts have always been good to me, which is part of the reason Gold has frustrated me so much as of late. Finally though, I think we have things under control here.
Gold is still technically trading in an uptrend from a Fib channel perspective.
Now, I wanted to account for the zig zag pattern gold has been printing on it's way down from the high near $1340. You can see, that it has been identified here that we have a Fib speed fan causing this strange price action.
Then, we've got the Fib circles. These really came in handy here, because this nice dynamic tool allowed me to really get some insight into this price action. You can see, that we are trading downwards in the channel highlighted green. Looking at previous Fib circles, it's obvious a breakout from that would be a great long opportunity.
Overall, this chart speaks well for itself. The trade plan is all there, and I think we've got some good insight now into why Gold has been behaving this way. I won't drag the text portion of this analysis out, because I don't want to make things confusing. if you want to see the trends I used for my drawing tools you can just zoom out.
Look for a break of the red 0.382 Fan line to go short. Look for a break out of the green 100% Fib circle to go long.
I developed a personal vendetta against XAU over past days and decided it was time to crack the code on this guy.
So, what we've got here is essentially a nice mix of fib tools I've put together to give us an idea of just what the heck is going on.
Gold had a pretty decent wave up from last fall to March of 2019, now seems to be looking quite bearish or weak at least. I'm not going to pretend to know the first thing about the Gold industry because, I really don't. I trade only the charts. The charts have always been good to me, which is part of the reason Gold has frustrated me so much as of late. Finally though, I think we have things under control here.
Gold is still technically trading in an uptrend from a Fib channel perspective.
Now, I wanted to account for the zig zag pattern gold has been printing on it's way down from the high near $1340. You can see, that it has been identified here that we have a Fib speed fan causing this strange price action.
Then, we've got the Fib circles. These really came in handy here, because this nice dynamic tool allowed me to really get some insight into this price action. You can see, that we are trading downwards in the channel highlighted green. Looking at previous Fib circles, it's obvious a breakout from that would be a great long opportunity.
Overall, this chart speaks well for itself. The trade plan is all there, and I think we've got some good insight now into why Gold has been behaving this way. I won't drag the text portion of this analysis out, because I don't want to make things confusing. if you want to see the trends I used for my drawing tools you can just zoom out.
Look for a break of the red 0.382 Fan line to go short. Look for a break out of the green 100% Fib circle to go long.
Trade active
Ayyy who loves buy stops I love buy stopsNote
So pretty Note
Easily, one of my best charts so far. I'm very happy with this combination of fib tools. I will continue to expand on thisTrade closed: target reached
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