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Gold - correction below 2000 USDThe price of gold has surged recently. The move seems to be too fast in a too short time which could lead to a larger correction. Looking at the chart it seems that the market has broken an upper limit in an upward channel which has been creating since 2 years. Currently, the price may move back again inside the channel. In percentage terms, the market may retreat by about 10 percent from the record high. The next potential support may be located at 1788 USD. However, in the longer-term after the correction, the price of gold may continue an upward trend. ________ 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
Will the gold continue to break historical records?For the next close days, I'm bullish on the Gold: there are still some buying volumes+ more than breaking the historical high in 2011, the gold broke the history line (orange line). So the market can go find the 78.6% Fib Level (2135), and correct after it. However, the last weekly candle is showing a long upper shadow, which means that sellers are here (or ancient buyers are taking profits), so a correction is expectable due to the sharp increase of the market. Moreover, a negative divergence is observed in the RSI, so a correction may be approaching. Let's focus on the volumes!
COMEX:GC1!
by GlobalInvestFutures
09/08/2020 GBPCAD - WEEKLY PLAY LONG TF H4Welcome, Below you will find our trading notes: Monthly view - CONSOLIDATION Weekly view - BULLISH Daily view - BULLISH Previous week LOW - 1.7350 Previous week HIGH - 1.7705 Previous week profile - BEARISH News this week: 12/08 TUE - 8.00 13/08 WED - 8.00 Where to focus: LONG SIDE SETUPS ONLY LIQUIDITY BELOW : 1.7350 SUPPORT STRUCTURE : 1.7323 -> 1.7365 SUPPORT LOWER STRUCTURE : 1.7279 -> 1.7307 LIQUIDITY ABOVE : 1.7675 RESISTANCE STRUCTURE : 1.7700 -> 1.7850 Weekly scenario: We expect pullback to one of our defined support structures, where we'll look for entries long, or just straight upside push. If it push straight up, then we will wait for pullback to jump in, If first support structure is broken, then we focus on entries on the lower support structure. If second support structure is broken, we will move to side lines. If we'll see push from our long side zones, then first TP is 1.7575 but over all target is 1.7700+ Protection strategy: SL up to 30 pips below support structure REMEMBER! NEVER BE GREEDY AND DON"T FALL INTO EMOTIONS :) If that was helpful please like and share :) HAVE AN AMAZING DAY! ENJOY
Long
by Snipers-Academy
historical high predictable from 1980! 2222.3, why not?I show you here the complete history of gold since1980 till 2020. After a long calm market, the gold (known as a safe investment when the inflation comes) began an uptrend behavior since the crisis showed up. Today with historical highs, The Fibonacci extension shows a possibility that gold could continue till 2223.3, we need to focus on volumes because a correction is still a possibility, and I have shown (in yellow) the obstacles or correction levels of gold.
COMEX:GC1!
by GlobalInvestFutures
2
GoldCartel - Potential bullish pennantQuite sketchy, but I reckon there's a possibility of forming a bullish pennant. This analysis fails if it can break out and close above the 1981 zones. Catalyst USD: - Goods Trade Balance -70.6B - Prelim Wholesale Inventories m/m -2.0% - Pending Home Sales m/m 16.6% - Crude Oil Inventories -10.6M - Federal Funds Rate <0.25% I sent these charts below to my client's to trade FOMC a few hours ago. It was a quick trade, less than 2 hours of trade. 1973-75 down to 1950, rinse and repeat.
FX_IDC:XAUUSDShort
by GoldCartel
2
Good time for taking Profits GC (GOLD Futures) by ThinkingAntsOkWith this post, we don't want to say that Gold cant keeps rising, the idea we want to give is: a) If you have opened positions on the previous corrective Structure, then you have a good market movement in your favour b) If your current risk-reward ratio is above 1.5, then it is a good level to take profits c) The reason is: we are in the all-time high zones, and it is uncertain how the price can behave here d) Our approach is always to close positions on relevant support resistance zones, and then wait again for a clear corrective Structures like the 2 that you can see on this chart.
COMEX:GC1!
by ThinkingAntsOk
1
Best Gold Trading IdeasGold is continuing the sideways Elliott Wave that we have identified last week. It has tracked our prediction almost perfectly. If we are right, expect another dip to 1795 or 1787. Although we are still bullish of gold, GC is trekking in the vicinity of all time highs, so watch for some more ranging before breaking out further. The Kovach Momentum Indicators are both oscillating, meaning there is some ambivalence here, and a trend has not yet been established (on 30 min charts.).
COMEX:GC1!Short
by quantguy