xaueur bounces from supportnew resistance at 1630 area and watch the price action if breaks upward will proceed to new history high 1730.
CFEGOLD.EUR.1.CFE trade ideas
The XAU/EUR formed a good divegence on the weekly chart The XAU/EUR formed a good divegence on the weekly chart for short
I will enter short on the 4H chart
GOLD EURO127 OR 161
Building a case for long position entry, retracement @ 0.168 Fib,not a very strong level.However you can exist @ 127 or 168.
Gold: How deep is your... ?I know your eyes in the morning sun
I feel you touch me in the pouring rain
And the moment that you wander far from me
I want to feel you in my arms again
And you come to me on a summer breeze
Keep me warm in your love, then you softly leave
And it's me you need to show
How deep is your love, how deep is your love
How deep is your love?
I really mean to learn
'Cause we're living in a world of fools
Breaking us down when they all should let us be
We belong to you and me
I believe in you
You know the door to my very soul
You're the light in my deepest, darkest hour
You're my savior when I fall
And you may not think I care for you
When you know down inside that I really do
And it's me you need to show
How deep is your love, how deep is your love
How deep is your...
MARKET MANIPULATION50/50 Chances of directions
1) 50% Short possibilities
2) 50% Long possibilities
It safe to say the trend is currently Neutral!!!
Long-term Gold in a Time of CrisisBlack channel:
- main uptrend channel
- in play since 2013
- currently testing the top as resistance (weekly) or (probably) as support (daily)
Green channel:
- stronger uptrend channel
- in play since 2018
- still in play but it looks like a smaller downtrend channel is forming inside (red channel)
Red channel:
- downtrend channel
- possible LH on .786 fib. retr., aprox. 1500 EUR (round number)
Scenario 1 (bullish):
- red downtrend channel confirmed with a LH
- possible right shoulder forming around daily 50 SMA (green), between .50 and .618 fib. retr.
- daily RSI seems to agree with price action and momentum is slowing
- 4h RSI oversold and pointing downward
- 4h MACD looks like a bearish cross is on the way
- looking for ~1430-1460 EUR
Scenario 2 (bullish):
- alternatively, testing black channel as support (4h, daily)
- daily MACD bullish cross
- ~1560 EUR as resistance again
Scenario 3 (short-term bearish):
- still a fair change of happening due to the global pandemic
- after having successfully tested daily 200 SMA as support I believe this scenario is less likely
- we continue with the red channel (i.e. LH and LL)
- daily 200 SMA ends up working as support again
- or bottom of green channel provides support
XAUEURComment: **Disclaimer** the content on this analysis is subject to change at any time without notice, and is provided for the sole purpose of assisting traders to make independent investment decisions.
XAUEUR buysFundamentals:
Gold is a safe haven commodity, ie. when depreciation of currencies, namely USD, is expected, traders will buy gold.
In view of the recent poor economic outlook, I expect many currencies to depreciate including USD, EUR and AUD.
Hence, I am looking to long XAUUSD, XAUEUR and XAUAUD.
Technicals:
D1 uptrend and wedge pattern
