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GOLD TRIANGLE REVEALED - OVERALL SHORT - KEY POINT- GC1! - DAILYThanks for the likes and shares. I really appreciated it, hope to help you the best to have another vision of the market acting as a support idea.
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Can you see how overall trend reveals what is probably going on.
As I like to make it simple for you, there is no hazardous moves.
See how the bleu up trending line and the red down trending one are meeting each other perfectly on the horizontal orange line.
-The blue up trending support line is the most important line in this graph. Probably the best area the enter long from that point.
-The red down trending resistance line is maybe the strongest ceiling on the gold price right now. The price has failed with very important and violent decrease in price following right after the failure to break. It is probably the best place to sell from.
- The orange line is likely to act like a gravity center until the end of the triangle, or, even little bit before the end. From that that point you will probably use your own judgement in how to follow the trend. The orange line could be called "the pullback zone" for the moment but it could become "the breaking point" that will lead to a clear run to the bottom blue up trending support line.
Hope that gave you a bit of insight on what I am thinking about the gold at the moment. Any link with the pandemic? Maybe, but I prefer to look only at the charts. For the moment, I would probably be waiting for best moment to sell it.
If gold is going to push bullish... Now is the timeGold Futures on the one hour time frame broke below the most recent support. The market looks like it is about to hit the down one hour fib extension near a known level of U-turn. If buyers are to take control. Now is the time. I am looking for a counter trend line break bullish and a bullish trend to present itself around the current level.
Gold Futures, Short scenario inside the channelToday, we will show a short term analysis we have on Gold Futures:
-It's important to say that in the long term, we have a bullish perspective on GOLD; check the Weekly chart, we think we are on a Cup and Handle pattern, and this type of assets tend to be bullish on uncertainty times (safe heaven assets) with its aligned with the current situation.
-Now, we will focus on the 4HS chart and a possible short setup. The main structure is a descending channel. Currently, we observe a corrective pattern (ABC) supported on the descending channel. If the price breaks below "B," we expect a continuation of the bearish movement towards the 1700 zone. There we expect to find the bottom of the bearish movement.
Thanks for reading!
ridethepig | Gold for ECB📌 ridethepig | Gold for ECB
This leg is a demonstration of how and where an advance on the right break should be punished.
Buyers reclaiming $1.860 yesterday while the inauguration/coachella took place and now $1,875 for the European open is sending last minute ⚠️ signal of ECB preparations. The technical breach illustrates the lust to expand, the momentum has been bottled up for a while.
The swing chain demands a test of $2,015, play with the break because we are now into a very usable ECB territory. Global inflation is starting to show signs of creeping higher ( see the explanation ) so expecting Lagarde to be slightly bullish on inflation, neutral on growth, no changes in rates and the usual bs 'watching the currency closely'.
All in all the valid plan here is for Gold higher via inflation. Buyers are already trying the attack, it is quick to set in motion an impulse and buyers have formed a very strong defence at $1,803. Therefore remain long and play the continuation.
Thanks as usual for keeping the feedback coming 👍 or 👎
We are back inside the Descending Channel / Bearish Pressure A lot of attention on Gold since we observed the bullish breakout of the descending channel. However, the excitement didn't last long when we had an aggressive bearish movement making the price go again the bearish structure. What now?
Let's start with the Weekly chart:
Here we can observe a Huge bearish engulfing candlestick (Bullish FakeOut of the descending channel). The movement happened on the Previous All-time High zone (working as a resistance zone)
From a Weekly perspective, we can define a target of 1700 if the bearish pressure keeps coming.
Now we will pay attention to the 4HS chart
-Our main structure is the descending channel; the bearish movement found support on the previous support zone (1840).
-We expect the price to correct on this level with similar proportions to the one that happened before (check the green arrow)
-If that happens and we can define a clear ABC pattern, we think that the breakout of it will mean a confirmation for the bearish movement towards the Weekly Target at 1700
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Thanks for reading!
Looks like up for the rest of the weekPrice and rsi trends have hit the bottom channel. Should move up to the top now. Could also accumulate along the bottom trendline for a few days before moving to the top.
ridethepig | Gold Market Commentary 04.01.2021📌 @ridethepig Gold Market Commentary 04.01.2021
This is illustrating the notion of 'total mobility', and also touched on a problem which we have not discussed in depth yet, trailing stops.
Here... we can quickly review the text book flows, firstly when you think of development and secondly because Buyers are threatening to become very strong now in the open areas! So a quick recap is urgently required:
An innovative concept. Buyers can avoid the loss of their development, and it can lead towards the home-run.
Worth considering $1,960 as a good and healthy area to do some business. We can now see the slippery risk slope as we enter into a 🔑 week on the elections front. Pence is now the only force to hamper this advance.
Sellers are clearly not happy with the loss of resistance and will seek compensation in a dangerous fashion. They should put up some fight at $1,960 before buyers threaten the break towards fresh all time highs with dollar devaluation to put the icing on top.
Thanks as usual for keeping the feedback coming 👍 or 👎
Gold - flag pattern breakoutIn our previous analysis about the gold market, we have mentioned a potential ABC simple corrective pattern that has been created within a downward channel. It seems that the C wave has ended at the lower limit within the channel so the first potential target for the bulls has been set at the line drawn through the tops.
However, it has been broken today. It seems that the bulls have taken control over the market and the correction has finished. After the breakout from the flag pattern, the first potential target may be located at the top of 1966 USD and the second one at 2089 USD.
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Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
81% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Our plan in case of a bearish scenario on GOLD / UpdateToday we will create a new post based on the Short setup we will be waiting for in case of a bearish resolution in the descending channel.
a) The main structure of the current situation is the Descending Channel; we are working inside that structure
b) Inside the Descending channel, we can see a relevant support resistance zone
c) Currently, the price is on a compression between the current corrective structure (yellow dash-dot line and the upper trendline of the descending channel)
d) IF we have a breakout of the current situation, we will wait for a corrective structure (ABC pattern), and after that, we will trade towards the lower trendline of the descending channel
XAUUSD: Gold bottomed, buy it...I'll just leave this here, I leave the specifics to you, but I believe the selloff in Gold is over and it is about to resume the yearly timeframe uptrend.
My clients and me are long already, and looking to capitalize on this run since it is likely to outperform stocks together with most commodities going forward.
Cheers,
Ivan Labrie.
Gold hits first targetIn our previous analysis, we have mentioned that the price of gold may have finished the whole correction labeled as ABC. The C wave has ended at the lower limit within the main downward channel. Thus, the first potential resistance and the target for the bulls has been set by an upper limit of the mentioned channel.
Recently the price of gold has reached it above 1900 USD per ounce. Currently, the market seems to be moving lower to the first potential support at 1854 USD. If it is defended a potential running correction may appear and then we may expect another impulse wave if the upper limit of the channel is broken.
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Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
81% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Trading plan for a short scenario on Gold FuturesToday we have prepared a scenario for a possible future situation. The idea of this type of process is to show what we will be looking for in a bearish setup on Gold. This type of futures projections is useful to bring a solid approach to your trading system; why?. Because you will be waiting for the market to create a structure you consider worth trading instead of chasing the price from behind.
Let's start with our view:
-The major structure of the current situation is the descending channel; for now, that's the most important thing we should pay attention to in terms of "the big picture."
-Another key zone to pay attention to is the Support Resistance area, in which the price is moving right now. We consider that level as a critical area to look for clear formations
-We develop setups by looking at corrective structures and then for breakouts, towards the next relevant support resistance zone. That's the trading style we use.
-Based on that, we want to see a bullish movement that makes a new local high. IF that happens, we will be able to draw a structure (yellow dot lines). That will be our first filter
-If that happens, we will wait for the structure's breakout and a corrective structure on the key support resistance zone area. That will be our final filter
-IF all the previous items happen similarly, we will trade towards the next support (1714), as you can see on the Short setup.
GOLD UPDATE - SHORT TO 1827Hey traders, here is the analysis for gold NOTE - Please do your own analysis before taking the trade. Let me know if you guys have any questions in the comment section. If you guys like my analysis please hit like. Thanks.
Gold - will it shine again?The price of gold has ended the potential correction labeled as ABC. The whole corrective movement has been described in our previous analysis where we had expected the simple correction. Wave C may be finished at 1771 USD where the lower limit of the downward channel has been located.
From the technical point of view current rebound may be the first phase of the new impulse wave. The previous support at 1854 USD has been broken again and may confirm the power of the bulls. Currently, the nearest target for the buyers may be set by the upper limit within the channel.
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Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
81% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Is gold bullish again. Reasearch, setups. ExplainedGold was a safety hedge in an uncertain world. There is no surprise we saw a massive sell-off with Covid vaccines being announced. Both vaccines are still waiting on final FDA approval. The real game-changer however could be Johnson & Johnson's vaccine which only requires one shot and no special refrigeration outside that already widely required for current vaccines. Johnson & Johnson are expected to have interim data on its vaccine sometime in January which could mean emergency use authorization as soon as February.
So overall the vaccine news is still very promising. However, the damage to the economy is already done and it will take years to recover after COVID. Despite massive stimulus key economic data is very weak.
Middle-term setup
Gold was unable to rally even with a weak dollar. It seems last week metal finally rebuilt its correlation with the greenback. MA200 turned out to be a buyers zone. But is it a jerk reaction or gold is trying to start a new wave to the upside?
Formation of higher low or kind of base formation is needed to have confidence in buying gold. However, we already can identify a bullish setup:
Cycles point we are close to the bottom and new rally.
The seasonal indicator is turning to the upside.
Valuation model shows gold is undervalued.
Technical analysis
With that in mind let's have a look at the technical picture. Gold used to follow flagging formations. We had three similar patterns on the weekly chart during the last two years and it played very well. There are early signs gold is getting ready for the next wave up with another flagging formation.
The metal reached the Fibo retrace zone that is also near MA200 along with the 2012 bounce highs as support. Technically till gold holds above this zone, there are chances to test 2400 and 3000 in extension given enough time. This is not something that will happen in a few weeks – this trend will likely take place over months, and even years. Breaking below mentioned range is a trend change.
Will Gold rally if the Dollar goes up?
Let's not forget the huge government debt and potential asset bubble. Gold and Dollar are both means of safe haven. Definitely, under certain circumstances (like mentioned above) they can move in one direction.
GOLD Futures projectionThere has been 2 previous swings in Gold from the 50 weekly ma (Orange line), This looks like the 3 Swing IMO
According to the previous data this swing should be shorter in time than the previous 2 and may last between 60 to 85 days
Target area should be around +35% to +50% = $2400/$2700.
The trend is up and the fundaments haven't change at all. money printing and low interest rates.
Gold Recovers Some LossesGold has recovered some of its losses. It got smashed down to 1777, where it was bought back to 1815, finding resistance briefly. This was a level we have identified for months. Next it crossed a vacuum zone to 1836, another level we have identified months ago. This was a sticking point for gold, so it is likely to see some resistance here, at least for today. Currently, it does look like it has rejected this level but its likely to find support at 1815, again. There is no dearth of vacuum zones either way here, and we are sitting at roughly a 50% retracement between relative lows and highs.
