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More bearish pressure coming on GOLD?In today's analysis, we will understand the possible targets for the bearish movement triggered by the breakout of the previous support zone. -The breakout of the previous support zone gave us a solid idea that bearish pressure was on the way. Before that movement happened, we can see 2 consecutive corrective Structures The first one (the yellow one) of bigger size, and the second one (white dot line) on the edge of it. -If we look at the 4hs chart, we can see that we have two possible levels as target zones. a) The lower trendline of the cloned descending channel or b) The next support zone at 1680 / 1700 -Currently, we can see a small correction going towards the new descending trendline. We think that if the price reaches that zone, a breakout of that structure can be a good short setup with a target on the mentioned levels Thanks for reading!
COMEX:GC1!Short
by ThinkingAntsOk
2
Gold - ABC corrective pattern?Looking at the gold market we may spot a price decline within a potential downward channel. What is more, the whole structure looks like a potential ABC simple correction pattern. If this assumption is correct we could expect that the current wave C may be finished around the support zone at 1788-1750 USD. The C waves are often the strongest ones within a corrective pattern so the current dynamic decline may be characteristic of this wave. The support may also be set by the lower limit within the mentioned channel. It is also located inside the mentioned support area. If the correction is finished the market could start another upward movement as the next impulse wave. ________ Daniel Kostecki, główny analityk Conotoxia Ltd. (usługa Forex Cinkciarz.pl) Powyższa publikacja handlowa nie stanowi rekomendacji inwestycyjnej ani informacji rekomendującej lub sugerującej strategię inwestycyjną w rozumieniu Rozporządzenia (UE) nr 596/2014 z dnia 16 kwietnia 2014 r. Została ona sporządzona w celach informacyjnych i nie powinna stanowić podstawy do podejmowania decyzji inwestycyjnych. Ani autor opracowania, ani Conotoxia Ltd. nie ponoszą odpowiedzialności za decyzje inwestycyjne podjęte na podstawie informacji zawartych w niniejszej publikacji. Kopiowanie bądź powielanie niniejszego opracowania bez pisemnej zgody Conotoxia Ltd. jest zabronione. 81 proc. rachunków inwestorów detalicznych odnotowuje straty pieniężne w wyniku handlu kontraktami CFD u niniejszego dostawcy. Zastanów się, czy rozumiesz, jak działają kontrakty CFD i czy możesz pozwolić sobie na wysokie ryzyko utraty pieniędzy.
COMEX:GC1!
by Daniel_Kostecki
What happened to the Previous all-time highs on GOLD 2008?Today´s post is about taking previous situations and analyzing the similarities of them to current conditions. Why? because “History Doesn't Repeat Itself, but It Often Rhymes” – Mark Twain. Please be open-minded to the idea that this is a Hypothesis, and of course, the price can take any direction from here. But we see similarities that we want to take into consideration in case something similar happens. First of all, let's analyze the current scenario starting on the Weekly chart: Here we can see the price making new all-time highs in relation to the previous one. After the first impulsive breakout, we can see a retest of the zone, and currently, we are in a consolidation phase. The most relevant aspect here is that (Now go to the Daily chart) the yellow lines represent an ABC pattern (flag structure), which is considered a continuation structure. In this case, from a technical perspective, we should expect a bearish movement. If the price breaks below the structure Another important item is that we can see a small consolidation on the edge of the yellow structure (purple lines). If the price reaches the beginning of the red arrow, we will take it as a confirmation of the situation. And we will expect a -10 Bearish movement from current levels. Great, that's another analysis on GOLD. But the interesting thing is observing the 2008 All-time Highs. Let's start again with the Weekly chart: After the price made a new All-time Highs compared to the previous one, the price corrected -34.8% before the new rally. Taking that as the model in which GOLD breaks previous levels and continues, we should assume that the consolidation phase is not finished yet. Let's see the Daily Chart: Here we see similarities to the current scenario. Observe the yellow lines that create an ABC pattern (Flag Structure), Which is considered a continuation pattern. After the breakout of the structure, we saw a -15% correction. The whole corrective Phase on GOLD before the new rally took almost 1 Year. The only objective of this is to provide you with a more broad view of GOLD if you trade this asset. Thanks for reading!
COMEX:GC1!
by ThinkingAntsOk
2
Can we think of a short outcome on GOLD ?This post is aimed to provide a logical way of thinking of a short scenario on Gold. a) The elements or tools we will use to understand what is going on here are Multi timeframe analysis + Support and Resistances + Trendlines + Corrective structures. Just that, let's start. b) Take a look at the Weekly Chart Using this as the Big view, we can deduce that the price Surpassed the Previous all-time highs zone and then went back below. When the price was going up again, breaking the corrective structure (we will see it better on the Daily chart), Pfizer told the world about their Vaccine, and, exactly there is where we can see the "Possible Bullish Fake out" We say possible because the week is not closed yet, we have more days until is finished. c) Now, we will return to the Daily chart. The bearish items we can see here are: Broken Ascending trendline + Reversal on a Weekly Resistance zone. If we take the idea that the price moves between zones of the same degree. We should expect a bearish movement towards the next relevant level. (in this case, the next support zone or the ascending channel) d) Are we saying that this will happen right now? No, we are not. We need a filter before taking the short view e) In this case, we will pay attention to the current corrective structure (the yellow lines that converge). If the price breaks below that level (on the red line), we can deduce that all the stops from people that take long positions will be executed and we have a clear path towards the next level. f) It is important to say that our Main view on Gold from a long term perspective is LONG; we don't consider this possible bearish movement we are waiting for as a signal of a new long term bearish trend starting. g) Remember: This type of views are maps of possible movements, are not statements of what should happen; use it as another view to have a broad vision of possibilities so you can make a more robust decision on how to act Have a great day, guys!
COMEX:GC1!
by ThinkingAntsOk
2
Gold - waiting for another declineThe price of gold has been consolidating around 1900 USD since the beginning of October. The current consolidation looks like the one observed in August. When it has finished the price dropped and the new consolidation has been created. If the scenario repeats itself we may expect another drop as wave C. Then the whole correction labeled as “ABC” could be finished and the price of gold may begin another upward movement. This scenario could be confirmed by the USD 1936 breakout. ________ 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.
COMEX:GC1!
by Daniel_Kostecki
Gold Daily : 20 Oct 2020As Gold made an attempt to break the resistance we have mentioned in yesterday's analysis but failed to sustain the momentum. We could have seen the rapid selloff later in the session which continued all the way down to the 1900 area we pointed out yesterday. The 1900 level will play the key role as a support and if it breaks we can expect continuation lower. Above the current price point, we have 1910 which is the weekly pivot point and vwap, this level sticks out at key resistance for a continuation lower. Important zones Resistance: 1910, 1918 Support: 1897, 1885 Macroeconomic releases X
COMEX:GC1!
by FTMO
2
Should we expect a C corrective wave on XAU/USD Futures?Main items we can see on the chart: a) The price has reached the all-time highs zone and started a corrective movement b) Now, we will focus on the possible paths inside the correction c) The main aspects we can see are: The ascending trendline has been broken / We have a clear edge for the corrective movement (parallel lines) d) Based on those items, we expect a bearish movement towards the next relevant level ( Support / Resistance zone) 1800/1780 Tell us your view on the comments!
COMEX:GC1!
by ThinkingAntsOk
4
Gold - correction after the triangle breakoutThe price of gold has dropped to the lowest level since the second half of July. As a consequence the ounce of this precious metal is cheaper by about 10 percent then it was in the first week of August. In our recent analysis we have mentioned that on the daily chart a potential triangle pattern has been created. Its lower limit has been broken so the bears may take control on this market. Looking at the whole structure we may assume that currently the wave C could be created within a larger simple ABC correction. The potential target for wave C could be located at 61,8 Fibo expansion of wave A (currently tested) or at 100% Fibo expansion below 1800 USD. In both cases a return to the upward trend would be possible only after a breakout of the upper limit in the downward trend channel. ________ 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. 79% 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.
COMEX:GC1!
by Daniel_Kostecki
Gold - *RANGE BOUND* - Until it's broken. Will today be the day?What a great pair to trade recently! Let me explain why - Currencies have lacked momentum of volume. Even though, gold has been range bound the moves has been a lot cleaner on scalp trades including silver too. However, today will be very critical which us trades much pay attention. Jackson Hole Summit, Powell to speak today about monetary policies longer term and various other speakers too during the day. I will not be trading today, one because well when it comes to speeches it's very unexpected it could go either way and unfortunately i don't have crystal ball to predict the next moves but with the help of technicals!... I will be waiting for what will be being said two things to keep in mind from my last DXY post and I will repeat here today: If it is like the Feds minutes, no changes that's hawkish. If there is further change and more easing etc. that's Dovish. It's important to hold discipline wait 5-10 mins see where the market is heading. Gold, key trend-line up. I wanted to see how the day closed yesterday we at this top of the range area and as well as that key area, drop below this trend-line up we have the bears in further control, which further decline will have greater opportunities. BUT if we do go above this range and trend-line up I have key profit ideas and resistance areas. I have a non-bias approach as I have written many times in my posts and that's probably best way to approach the markets we are in a CB heavy mode, what they do or say will shift the markets dramatically. Today keep an eye on: EURO, GOLD, SILVER, DXY, 10 YR Bonds & SPX. Just a trade idea, not a recommendation. Trade safe, Trade Journal
G
by Trade_Journal