KnightsofGold

KnightsofGold

You can tell DXY wants to go higher, its just being suppressed by the powers that be. We're looking at this potential double bottom retest, which if correlated how they should should mean a short-term move up in Gold. Rejection at the support and DXY again is ready to fly. Now what we need to take into consideration is that there a lot of traders long on the...

KnightsofGold

Please zoom out to get a clearer picture. What are we looking at here… You can see the trend and levels are being respected. Now what we want to see If we’re going up is support around 1775, this will form an inverse head and shoulder pattern on this timeframe as well as a double bottom on the daily timeframe. For us that would be enough confirmation to...

KnightsofGold

Here we want to see a retest of the lower level around 1770, rejection here and gold will confirm a double bottom. We’ll look to buy around these levels and target 1808-15 initially. What concerns us on this chart is that there is a pattern that wasn’t retested and the target is around 1587. We’re not saying its going there, however, technically the right gets...

KnightsofGold

Please also refer to our monthly trend chart which shows what we're seeing in terms of the fractal. Looking at this chart you can see we still have room to go lower. We're going to look more closely at the lower timeframes to get a clearer picture of where me may head over the rest of the month. We’re due a technical retracement so the levels we’re looking at...

KnightsofGold Updated 

This is what we're looking at today. If you've entered a long at the bottom probably worth holding it, see what sort of reaction we get around 1792-95. We're expecting this to go lower down so we may test a short at the mentioned level. Lets see what happens if we get there. As always, trade safe.

KnightsofGold

This is what we're looking at right now. We're in a similar symmetrical triangle to the other day when it broke out. Is tomorrow the day we get our low? We have to wait and see. The levels are on the chart, breaking the short-term trend will put even more pressure on Gold to decline towards the 1720 level. Our immediate level at the moment is around 1762...

KnightsofGold

If you've been following you'll know that we've been short on Gold for the last couple of months. We're still holding positions from above. This chart is for reference only, we posted a similar chart a week or so ago saying we were waiting for the break. Not saying its going straight down, our target of 1750 is getting closer. As always, trade safe.

KnightsofGold

We're monitoring this 1785 level. Breaking here should put more pressure on the price to decline. Support here and we could go back up to test the 1800-1808 level. We're not in any positions at the moment. We've insisted on remaining short in this market, yesterday was another reason why we're not longing yet. Our overall target of 1750 is getting closer.

KnightsofGold Updated 

Is it a continuation? With symmetrical triangles on some occasions they give a fake breakout in one direction then tend to go the other way. In this scenario, we're looking to short the market so we're looking for this to break to the upside and give a fake signal. We're keeping an eye on this.

KnightsofGold

4H, waiting for the close of the candle for a potential double top. Just an idea at the moment but looking for this as its move. Support: 1817 1808 1800 Resistance: 1826-28 1833-35 4H candle close below 1815 and we're on for lower in our opinion.

KnightsofGold Updated 

Monthly: Please also refer to our previous monthly chart from last week. So far we’re being supported at the 2011 and 2012 resistance levels. We’ve broken out of our pattern similar to the one we saw during the last big move up in Gold during 2009/11. Looking at the chart closely we can see that last weeks candle closed below a key closing price of 1834/5...

KnightsofGold

1H: Again, just like the 4H chart suggest, it looks like we’re going up over the course of Monday based on successful support below. There will be a lot of buyers in the market with stop around 1810 levels, so a spike down and then maybe a move up over the day. Only reference and observation, not trading signals. As always, trade safe.

KnightsofGold

4H: Now we’re starting to get a clearer picture. There’s a zone above that looks like it hold liquidity. It wouldn’t surprice us if we get a move up towards this level to get some buyers in before a move lower. We’re still playing short on this. We have an entry that is in profit and safe which we’re thinking we’ll close on open based on a small move...

KnightsofGold

Daily: Following the technical levels. There is a clean chart pattern here and a candle reversal. This chart is suggesting we’re going to go further down as long as the 1828-35 level continues to act as resistance. Resistance: 1828 1835 1850 Support: 1815 1808 1794 We are day traders so these levels are for reference only. As always, trade safe.

KnightsofGold

Weekly: Again the 1780-85 level seems to stick out. Clear, clean trend and technical levels are being respected. On this chart we have closed below a key level so if we are going down over the next few weeks it needs to be a sharp quick move up and back down. We’re looking for resistance at 1835 to test the shorts again. We could get a bit of a squeeze on...

KnightsofGold

We got a lovely entry on this trade. We've banked 50% of the profits and set the stop to just below the entry level. Either way the trade will close in overall profit. Looking forward to Monday to see what Gold has in store for us. Wishing everyone a great weekend. As always, trade safe. Knights of Gold.

KnightsofGold Updated 

Lets see if we can finish the pattern off. Looking for this to resist around the 1826-30 level and then sell again during the US session. As we've been saying, I don't think their done with pushing gold down. Our overall target of 1750 still stands. As always, trade safe.

KnightsofGold

Sitting neutral at the moment, waiting for one of the levels to break. Simple chart today, pretty self explanatory. No positions in Gold at the moment, we're still bears in this market expecting decline at some point. Something tells me there's a spike up towards 1865-85 on the cards. That's the level we're waiting for to test the short. As always, trade safe.