Gold Bullish PennantGold(GC1!) closed at $1,713.3 today for a $12.4(+0.73%) gain. Price has formed a pennant formation which given the fact that it has formed after a move to the upside makes it a bullish price formation. The expected move here is a push above the upper line of the pennant and re-test of the $1,800 level. A move below the lower line of the pennant would indicate a failed bullish pennant, with the current stop-loss for long trades resting just below there near $1,660 shown in blue.
The Relative Strength Index(RSI) shows the green RSI line trading just above the 50 level and indicates bullish short-term momentum behind price. An RSI reading above 50 indicates bullish short-term momentum while a reading below 50 indicates bearish short-term momentum. The purple RSI signal line is also above the 50 level which indicates bullish intermediate-term momentum behind price. Right now the green RSI line and purple signal line are overlapping with the green RSI line looking like it wants to push back above the purple signal line. The green RSI line rising and trending above the purple signal line would indicate healthy bullish momentum.
The Price Percent Oscillator(PPO) shows both the green PPO line and purple signal line above the 0 level which indicates intermediate-term bullish momentum behind price. A reading above 0 indicates bullish momentum while a reading below 0 indicates bearish momentum. While both lines are above the 0 level, they are declining with the green PPO line below the purple signal line and indicates a loss of upward momentum in the short-term.
The Average Directional Index(ADX) show the green trend line above the purple trendline which indicates that the short-term trend direction is bullish. The histogram behind the green and purple directional lines is declining though which indicates that the upward trend direction has lost strength. In general during an uptrend, you want to see the green line rising above the purple line with a rising histogram.
Volume has been low since late March, should price break out to a new local high above the pennant pattern we would want to see volume increase in order to sustain a move higher.
The overall view on gold remains bullish this year with the expectation that gold will test and make a new all-time high above $1,923 which was set in September 2011. In the short-term we want to see price hold above the stop-loss level in order to maintain bullish bias, as well as continue to trade above the short-term stop-loss level.
AU
NAS100 - ProjectionGreetings Traders!
It appears that we've hit a very strong support zone on the 4hourly 8035-8150 range. Although we still aren't in the clear yet with the pandemic still creeping around the globe. Expect to see more money flooding the indices for a brief bull run over the next couple of weeks.
Upon market open, I believe we could see the opportunity to LONG (providing there isn't something catastrophic that happens to the US economy) .
I expect to see OANDA:NAS100USD hit around 8450-8550 in the upcoming week after the Easter Weekend.
Hoping you're all safe, with loved ones and enjoy your weekend.
Delicious AU is giving you a very good risk/rewardAfter You Public Company is one of the most famous Cafe stock in SET! I never tried it before though haha (cause I think it is still a little too expensive for teenager like me). But many people do love it! And the profit is growing every year! It did a double bottom a while ago, but personallyI think it was over-extended. The company profit will of course be effected by the virus’s pandemic. But in the long term this will surely be a very GOOD INVESMENT!
AU: Aussie Long Setup: Too Risky This Week?Aussie is at a monthly key level that I'm watching, THe market was very nonvolatile last week with thanksgiving in theUnited States. Keep in mine, for last week NZD/US moved a right back towards anyone spending all of their time trying to enter. By being dynamic traders we can not only adapt to but ahead of the market at all times.
Imminent Gold-Price Surge
This massive 'monthly' triangle exit is 'perfect' by all measurements. It is unlikely that we're ever going to see current levels again, or for at least 6-10 years forward if the assessment is pure 'technical'.
Technical Forecast:
Gold prices are expected to bottom by December this year, which indeed could be the last bottom. The 'monthly' chart shows an incredible price surge potential around (the beginning of) Spring 2020 which could reach beyond 1700+. This is backed by at least 5 major indicators (additional 5 indicators are in the process of becoming super-bulls such as ADX, MACD, etc).
If LL is broken again, aim lower again until two distinctive 'higher highs' have been created on the 'daily'. This will serve as your entry-point confirmation. The technical low is around 1425. Balance your trade or exit your long-position in case prices go below the stop-loss marker (extremely unlikely).
(lines and connections have been averaged on step-line over linear for higher precision)