Gold has retraced to a significant support zone, in my opinion. This zone is formed by the structure and .618 fib. retracement of a bullish swing from 1124 low. Along this support zone, Gold has formed what appears to be a Harmonic pattern. Also looks like a bullish divergence on RSI supports my case for a trend reversal. Im enticed to buy gold here for a position trade. Or wait for the price clearing and retesting of the overhead resistance. Stop loss for the trade would be just just under the support zone. What I am not sure is if this location and bullish signs justify putting on a trade against the prevailing bearish trend.
Comments welcome.
Dan
Comments welcome.
Dan
Note
Long term view seems very bearish and that bottom would seem to land around $1000 sometimes next year. If the market would decided to have a correction after 11 years.. that would be a good timing and it would line up really nice. The point is. Gold is looking very bearish. So putting a trade on against the trade would require better technical set up than just location. Trade would be shorter in time scope and targets need to be conservative.
Note
still in a down trend. possible retest of previous support, now resistance, inside bar forming on the daily. will look for a short if breaks to the downside
Dan
PS: this is not a financial advice. simply blog of my ideas I would like a feedback from more experienced traders, and to see how I perform over time)
PS: this is not a financial advice. simply blog of my ideas I would like a feedback from more experienced traders, and to see how I perform over time)
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.
Dan
PS: this is not a financial advice. simply blog of my ideas I would like a feedback from more experienced traders, and to see how I perform over time)
PS: this is not a financial advice. simply blog of my ideas I would like a feedback from more experienced traders, and to see how I perform over time)
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.