Long

Updated

A possbile change to get LONG in GOLD

https://www.tradingview.com/x/jl9VvceU/

Fib retracement of bullish candle 1HR timeframe

XAUUSD

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So that would possible be like this.
Buy Limit anywhere from 2517.30 to 2518.40
STOP LOSS: 2512.90

(USDX will rally again but I believe it to be contained for now)

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Possible Long Gold:
* Risk 0.25 - 0.5% of total capital
This Hourly candle still has another 20 minutes. I think price might come down again,

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Sorry...my computer did not copy the Gold chart the first time

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I would've put this trade out earlier....but I was asleep at the wheel..literally was here in Australia. Price might come back down anear.

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USDX appears to winding back to its Fib level following its recent breakout at 4am NY time today.
The level to watch for the USDX is a break above 101.50 which could happen during Friday. This may not be good for the Gold price due to their inverse relationship.
That said, I see the USDX rallying (as I said last weekend, read below link) right up until an announcement by the FED, to push the dollar up nice and high before it possibly tanks). Gold may buck the usual inverse trend between the pair, I see this USDX rally keeping a 'lid' on Gold price until the FED reduces interest rates IF thats the case, when Gold price will go through the roof.

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Here is the link to the story I wrote at the weekend about a possible rally in the US Dollar

USDX Analysis going into next week's Trading. See Weekly-Chart!

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You can see the USDX getting support in that green zone. This is why its tricky trading Gold right now. Because of the huge sell-off in the dollar recently the Gold price seems to very sensitive to shifts in the Dollar value right now.

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There is the Fib retracement:
Buy Gold at these levels
BYT 2518.40 to 2517.30
SL 2512.90

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These FIB levels I wrote in on the last HOURLY candle about 30 minutes ago. Price has respected the 38.2% perfectly.

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or 61.8% depending on how you draw your levels.

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This is a resistance area at current price 2522ish and the next important price to break above is 2523.65

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I like that Gold has broken out of this falling wedge. This is usually bullish for some time.

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On a 30 sec timeframe consolidation is occurring like a bullish flag

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Price has broken out of and above this flag on the super low timeframes and this looks okay for now. Need a break above 2523.65

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A break below 2522.60 will cause some selling due to a bearish head n shoulders on low low timeframe

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a bullish head n shoulders formed

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a proper retest of the HnS under 2523.80 would be a BUY

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2526.69 is the next price to get through.
Any break above the 2531.65 would be very bullish. This is the level of weakness for gold Wednesday that prompted Shorting.

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Long gold:
I am quietly confident the last retrace was to rebalance that last 15m candle. That looks to have been completed.

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It looks like price will retest 2531.65 a key level. A break above would be bullish.

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A break above 2531.65 is very good.
Also a level that would add some momentum up to 2531.65 is a break above2528.66.
There has not been a deeper retracement for a while. I would not like to see price wind back below a break of 2526.69 which is the last Fib level

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MY ERROR: I would not like to see price drop below 2524.70

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Something to be aware of: USDX priming to explode upwards.
Consoldating in this rectangle on lower timeframe AND a Bullish Heads n Shoulders.
I have an alert set.

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9EMA on 15M Chart: Price is being respected & supported

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9 is yellow

Order cancelled

I am out of LONG
Going short...USDX breaking out

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You can see here where the USDX may keep breaking upwards soon. A break above 101.50 a level it earlier today was rejected at could start a very bullish rally for the $

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