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Goldbearish

Gold Bearish Analysis Hello traders I'm still holding my word that GOLD STILL IN CORRECTION and this is my interpretation with a nice risk reward ratio of 1 to 5. Gold decline started august 6 with a sharp decline from $2074 to $1863 that I identify as wave W (Zig-Zag) followed by a triangle pattern (Wave X) and it's triangle thrust as wave Y that ended on September 24th at $1845 . After that market has been tricky trading sideways and I identify that move as an expanded triangle or a complex correction in minor degree (Wave X of WXYZ). Now I have my eye on the yellow square, from Oct 26th to to 29th i see an ABC decline and after that another ABC sharp uptrend which tells me this could be an expanded flat (3,3,5) 3 waves down 3 waves follow by 5 wave decline which could be a sharp decline with targets to at least $1808 and this will complete the pattern (WAVE Z) Happy trading thanks
OANDA:XAUUSDShort
by AlexPalmaFXTrader
XAUUSD OVERBOUGHT. 1700 Price worst 1680.I have not made any posting regarding gold since for a while. Many people kept asking me what is the reason. The reason is i am in waiting mode. Watching mode. As you can see the bigger picture, XAUUSD has been oversold on the first attempt territories in the history. If you check back the past history of gold back into the late '80 and 90', you will find the pattern. On the pandemic happen, lots of job paused. This is including the job for gold mining. After the US has resume their economy back, it start to gain slowly in income, GDP and mining sector. Right now, mining for all other major corporate got the gold and has been release the supply to public consumer. While this view has been slightly increase for the past 2 months (September 2020 and October 2020), the gold price become consolidation. While we waiting for for the Trump and Biden final agreement, we need to see their budget flow of financial move. Only after that we know the direction of the trend. Expecting the price to go 1700 or worst 1680. Regards, Zezu Zaza 2048
FX_IDC:XAUUSDShort
by Zezu_Zaza
Gold Reversal - Medium Term Bullish OutlookEntry and Exit Strategy are highlighted at the end of my analysis. The following analysis points out that a bullish reversal in gold is likely. My analysis a couple of weeks highlighted that a reversal was imminent, however, my analysis was slightly too early. As such, I have re-evaluated my position and analysed fundamentals in the market to better gauge what will move markets this month. The US dollar index, DXY, is poised for a bearish reversal. On a weekly chart, it is showing the first bearish candle in a while. Currently, there is little evidence to suggest a continuation in the bullish trend for the USD. The Turkish Lira is in a free fall one minute and reaching for the sky the next minute. Subsequently, Turkish equities, debt markets, basically any securities tied to Turkey have the same status as shitcoins following the BTCUSD collapse. This is particularly buoyed by perhaps the two most stubborn and misguided administrations in politics and economics currently: Trump and Turkish Government. There is also so much other fundamental analysis that can be discussed but I will save it for now and highlight it another time. So, on to the technical analysis... On the chart, as you can see, is one of my favourite reversal chart patterns - the bump and run. This is particularly strong as the trend is always bound by the lower support line, for a continued period of time. In this case, the down trend began in the second week of May (over 3 months ago) and the bearish bump only lasted a week or two at most. These are common signs of the bump and run chart pattern. The bears in this case, had their final push lower before conceding. This is particularly enforced by the extended hammer candlestick followed by an immediate bullish engulfing and continued bullish candlestick. My previous analysis highlighted that was significant divergence on RSI, Momentum and MACD. Although it continued lower and corrupted all my analysis, it is still a really strong sign of market indeterminacy and conviction. This was also supported by the lower volume levels, the strongest indicator showcasing reversals or continuations. To strengthen my analysis and confidence in this reversal, I have illustrated two contingent measures to increase the likelihood of a reversal confirmation. The first being, there must be a close above the the existing black trend line. A full close above it, there candle should be fully above the trend line. This would be around the 1187/88 mark. The other measure, is that XAUUSD must close above the conversion line (blue line) on the Inchimoku overlay. Again it must be a full close above no body or low of the candle should touch the conversion line, when these two conditions are met, there is a high likelihood of a bullish reversal or at the very least a 20-40 point re-tracement. As such, I have illustrated an entry and exit strategy given all the available information. Outlook: Bullish Time Frame : 3 weeks - 3 months Entry Price: $1190 -1195 (contingent upon conversion line and trend line cross over) Take Profit: $1299 Stop Loss: $1160 As always, this my analysis, please comment and follow my posts, I always read your comments (and criticisms) and try to incorporate your thoughts into my analysis for future posts. If you would like any specific markets to be researched or analysed, write a message and I will get back to you.
FX:XAUUSDLong
by Dubsta000
5