IAU trade ideas
IAU shortIAU has broken the support line twice, but this third time (which is also telling, since it's #3), may endorse a new move down if it can't close above the support and/or start tomorrow's day above the line.
IAU, M, Symmetrical TriangleDear Traders,
As this iShare Gold Trust (IAU) mimics the actual Gold Futures price identically, i thought i see sometime in this monthly chart. IAU is right in the downtrend channel and consolidating in a symmetrical triangle fashion. Very soon, a breakout either on the upside or downside is going to happen.
I am more bearish as according to textbook technical analysis (though not necessary it must happen), consolidation in a downtrend signifies more downside to come.
Although monthly MACD shows the onset of a golden cross, i would still maintain my bearish sentiment for mid-term as the price is still under 200EMA
ARE THERE ANY CHANCES FOR GOLD ?Here i present a chart i just did, to help me understand the gold situation. I think that this cup pattern isn't a perfect cup pattern, so it might seem possible for it to fail. Even if it fails, it can show us that some people want the gold to bounce back and that's important. But for now fundamentals and technicals aren't perfect and the public doesn't seem to love gold anymore. Let's see what happens, good luck everyone.
PS: use different time frames to see each study in the chart try the 1YR
