Approaching strong resistance and looking for a rejection of this zone.
Looking for the trend line to break.
We also have MACD divergence present.
AU is still very bullish enter according to your plan.
Some say intuition is irrelevant when trading, I believe its the holy grail.
Become in alignment with the market, with an attitude of confidence. Allow flow to guide you in the markets direction & you will be pulled to the exact PIP.
Gold have become exhausted (13) as price reach fresh supply at 1308 which also happens to be a reversal level . The lines you see on the chart are MIDAS Curves, they represent important reversal levels in the market.
Even though it formed a double bottom from at points A and C, if you drag your fib from A to B the candles closed just over .886 which validated this bearish bat pattern. Looking for a push up between .7230-.7245 before taking a sell. First TP would be 38.2% retracement, Second TP would be at the 68.1% .
Extra confirmation
1. Testing a daily resistance point at...
based current chart short is most recommended....
based on fundamental view, short on au till next year as aud still in easing mood and usd still in tightening mood
Technical signs of a gold rally:
-Support of 100d MA;
-Support at 38% retracement of 2016 rally;
-Support+ Hook at RSI;
-Hook + crossing at stochRSI;
-Harami candle pattern;
These are still early signs, so one need some confirmation through some bullish candles before one consider entering long here. A entry is shown at chart.
here we have a good oppurtunity to short Aud/Usd and possibly most other AUD pairs as it is extremely overbought and has also tested the weekly trendline resistance and dropped. Right now, we have a possible H&S pattern on the 4 hour tf and price is right under a 4 hour trendline resistance and also fib 61.8 resistance. Very good risk to reward on this high...
Trending between supply and demand levels off the major time frames. Trend lines broken and hourly demand levels broken nicely. I prefer trend trading however if a counter trend opportunity presents I will take the trade.
In the last few months, gold seems to be following a channel. Patterns in wave theory points to another downwards turn in the market. Looking to buy in around 1315 and sell around 1440. Midlength trade, hoping to close by the end of October.
In my humble opinion there is not much I dislike about this trade. There is a strong move in, a strong move out which signifies a serious imbalance in price. As with my other trade ideas, the black lines are my entry zone, the red line is the stop, and the green line is the profit target. Keep an eye on the arrival. I don't like seeing too much basing as price...
Not only do we have a double top in effect on the 4hr chart, but we are hitting resistance as well on the daily chart. The USDollar also looks like its hitting support on the 4hr, so i'm looking for a rally there to confirm the drop on AU. The 618 fibonacci buy retracement on the 4hr also looks like its coming to an end. AKA our 5th leg of Elliot Wave.
