Long $XAUGBP Tight Stoploss Buy This zone $XAUGBP
1396-1416 area.
Tight Stoploss as the chart
This may form a cup and handle.
XAUUSD trade ideas
Gold v GBP breakdownOne currency that has had a lot of downward pressure on it recently is the British Pound. However gold has fallen under a very strong diagonal trendline that has held for a long time. Given the pound is weak, does this mean gold is weaker? Seems like if future inflation expectations were high then gold would be doing better.
Weaker looking candles at the top on gold/GBPLooking at the price of gold from the perspective of the British Pound which is a relatively weak currency compared to the dollar, it looks to me like the candlestick patterns hitting the top resistance line of this chart are successively weaker indicating less conviction from buyers about getting above this all time high. Indeed the latest one from this week has quite a pronounced shooting star look to it.
Gold pounds chart zoomed outHere is the reason for my scepticism about buying this gold pump. The price is at the top end of a long term channel and there is momentum divergence. The all time high has failed to be breached twice.
gold in pounds breakout....With todays news that the Bank of England is going back to Quantitative easing it is perhaps unsurprising to see a pump on gold priced in GBP. However I will not be convinced about this breakout until there is confirmation above the all time high.
XAUGBPxaugbp looking to be a shit show gbp finally getting a grip over dollar overall money taken out from gold as a safe heaven till gbp is back to its former levels
Breakout soon AUGBP will breakout soon, very soon. Either GBP will weaken more or Gold will start rising. As my previous post, DXY is close to peak then GBP has bottomed and Gold should start rising. Buy gold. Lets go XAU.
XAUGBP Rejected from Supply ZoneXAUGBP Rejected from Supply Zone
and formed Pin Bar
Sell XAUGBP
Aim 1407 AND 1348
Gold priced in British PoundsOn this chart I've drawn what I think could be a long term channel upward trend over the last 13 years. There is a bearish rising wedge forming since the last high of 2020. Then the last 4 months look to me like a bear flag. Overall this looks like a gold price bear market would not be surprising.
Gold priced in British Pounds stages a feeble breakoutGold in pounds has staged a breakout from a short term triangle this week but to me it looks insipid and not powerful. The long term picture to me looks like a bearish rising wedge pattern. I will not be convinced about this being a new bull market until the all time high is solidly breached.
$XAUGBP - Gold continuing the uptrendNice support and resistance analysis.
Previous resistance acting as support now after the breakout.
It retested the support and attempting to resume uptrend towards all time high.
I’m bullish on Gold.
XAU GBP bullish entry at 1350 For the bulls, this is a precious metal trading with GBP, We have an overview of gold now while we waiting for the Retail Price Index (RPI), Claimant Count Change news, Flash Services PMI.
I expect to see positive change on the RPI for the upcoming news. also, we are about 8 days to hear GDP 4th Q 2021 results,
553,412 M £ as 3Q 2021
546,556 M £ as 2Q 2021
517,998 M £ as 1Q 2021
for the technical view ...
Bullish Head and shoulders pattern had detected on the 3H chart
on the volume indicator, I see some buying volume entring the Gold CFDs
The price has started moving from 1342-1346 accumulation area for the up
Long position:
Buy order on 1350-1355 area
Targeting 1385-1390 area
Buy limit at 1337-1332 area just to protect our position in case the price make amove against us
The numbers from ons.gov.uk
2021-11-17 XAU GBP - breakout areaConsolidation at resistance is possible maybe a shallow pullback. Further corroboration of strength of gold against other currencies.
Hoping for pullback to recent breakout area to go long.
XAU/GBPA firm break above the latter will open doors towards $1,884, where the R3 monthly pivot point aligns.
Alternatively, if sellers manage to find a strong foothold below the confluence of the Fibonacci 23.6%, the daily pivot point and weekly R2 pivot at $1,859, the corrective pullback could gain traction.
The next downside target is seen at the previous hourly low at $1,855, below which fierce support around $1,850 will come into play.
$XAUGBP in channel - hitting resistance area Gold is trying to recover. Still in the downward channel, now at a key resistance area as shown in the chart. Also has 50EMA confluence there.
Watch out for the action around this key zone. Can determine the direction based on breakout or breakdown at this key zone.
GOLD XAU - THE RALLY BACK UP - LONGGreat one here straight off the bat great upside potential - ignore indicator below its inaccurate gold will push up
BITFINEX:XAUTUSD
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HEAD AND SHOULDERS AND A POTENTIAL BEARISH GARTELYHEAD AND SHOULDERS AND A POTENTIAL BEARISH GARTELY, Waiting for the full formation of A Reversal pattern, im goin to take a long term short position on this pair
