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Xauusd4h

Gold (XAUUSD) BuyAs seen on my 4 hours chart, market made a double bottom before pushing back up. I will either do a buy at this level or wait until market breaks and closes above the level identified on the chart. The reason for this is because although market made a double bottom which is usually a sign of a reversal, sometimes market will turn around and invalidate this signal by making a new low and closing below the previous low. Even if market makes a new low BUT doesn't close below the previous low, then signal is still valid. Waiting to see if market closes above that level which will validate the double bottom. If market breaks that level and holds, i will wait for a retracement before entering market but market doesn't always retrace and an opportunity to enter the market may be lost. Enter and exit at your own risk. DISCLAIMER Please note that this chart is an opinion based chart only. Please trade at your own risk
OANDA:XAUUSDLong
by Quinkong
Gold hits $1320 resistance. Potential reversal ahead?Gold prices rallied after intraday lows at $1309/10 levels yesterday and managed to hit the $1320 mark, as discussed yesterday. This zone could be the next major resistance and has the potential to change direction of the existing trend. Please note that we had remained bullish since $1160 lows through $1270/80 mark earlier and chose to remain flat until the $1300/10 levels. Looking into the larger wave structure, please note that Gold might have completed Wave E within a long term triangle. If this structure holds true, we could see a major reversal from current price zone. Though it is too early to confirm the same at this point, it would be safe to either remain flat or initiate aggressive short positions from here on. Potential bearish move is seen ahead. Disclaimer: This written/visual material is comprised of personal opinions and ideas. The content should not be construed as containing any type of investment advice and/or a solicitation for any transactions. It does not imply an obligation to purchase investment services, nor does it guarantee or predict future performance. FXTM, its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness of any information or data made available and assume no liability for any loss arising from any investment based on the same.
FX_IDC:XAUUSDShort
by FXTM
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