Gold is in a long term Uptrend Bias. However, for 3 consecutive weeks, XAUUSD is creating Lower Highs and Lower Lows. June 5, 2020 is crucial in terms of closing as it may set the tone for the next week.
For now, Gold is a Sell on NEAREST Lower Resistance and Buy on previous LOWER Support as the best trading strategy. Watch out for the break of the Lower...
Gold is starting to have a momentum on the Upside. For me, I will not be interested in Shorting it unless I will use a 15 minute chart.The probability of the BREAK of the trend line of Lower Highs and surpassing the Swing High of 1747 is HIGH. My strategy - 5 Day Simple Moving Average. :)
Crude Oil is currently below 10 US Dollar which will really hurt Russia and other OPEC countries. There was an article that Russia decided to stop buying Gold last April 1, 2020. I just have one question to myself - will they use their Gold holdings and sell it to raise cash? At the current level of Gold, it can be tempting to do so especially Crude Oil is priced...
Here is what I think about Gold. I was becoming skeptical about its move to 1750 and the way it did a pullback. It did consolidated a bit then rallied again for a re-attempt at 1750. However, when it is near 1740, the sellers are so strong to push back the price below the breakout of 1725 level. It did a next re-attempt but it was not able to go back to 1740...
I am thinking that it is breaking the Open of the day that this is going to breakdown. I will not be too aggressive in buying the nearest support as it seems USD is going to rally.
If I need some kind of confirmation, I use the Standard Alligator Setting. Basically, I turn it On or Off. It is what I will call Lazy Analysis. On its way up, I am tempted to SHORT but I don't want to. I am waiting and waiting. This is just a test since the momentum is more on the upside but I decided to check the Comex chart and it is showing something - like...
We can look at the same chart and have different interpretation. One way to call it a top is a Head and Shoulder formation so watch out for re-attempts at the High on its pullback. Double Top is also a probable scenario.
Will 1680 Hold? I am quite doubtful due to my stated reasons. So far touched the Daily Standard Bollinger Band Tip. Will see the re-attempt at...
If I plot the 5 Daily Simple Moving Average, you will notice that it has a very strong move upwards and can defy Resistance Lines and Indicators. Why 5 Day? 5 Day represents average price for one Week.
As you can also see from the chart when it fell to 1450 level, once it did not act as Resistance, a great rally ensued for Gold. I know that there are is an RSI...
There is a current re-trace for the day. Will see how the week will close - Resistance at 1680 levels. I will wait for a re-attempt to confirm a Triple Top as part of risk management as Gold has a very strong momentum on the upside unless of course you are using the 15 Minute Chart where you get in the trade and get out of the trade as fast as a bullet train....
Bollinger Bands are very useful. It can assist us visually up to what price it can reach. I know Gold can reach even beyond 2k but for now, I will temper my expectations with what the Bollinger Bands says. I will concentrate first on the upper to the median line. If it breaks the median line, then I will look at the lower edge of the Band.
To avoid whipsaw in...
Just for giggles. Chart Reading is an Art. We can look at the same Chart but can have different interpretation. I decided for the fun of it to have 2 illustrations in 1 Chart.
As I had said in my previous post, the current price is at a Very Strong Resistance Level. Will the pattern repeat itself in the Year 2008? Will there be another liquidity issue that will cause Gold to have a sell-off? The Weekly Chart has a Higher High and Lower Low. As long as COVID 19 is still the talk of the World then the QE Infinity will be taking a...
The probable reason that Gold is stalling or pausing for the 3 trading days is because it is inside the Very Long Term Resistance. Anything above 1630 on the Monthly basis is a rejection as of now. Current trading Range is 1595 to 1640++.
As you can see, Gold broke out from the Monthly Triangle and the steep drop in the previous week was a re-test Inside the...
I miss the way Gold breaks out a triangle. This is what I had been noticing since yesterday. Is this a sign of indecisiveness of market participants as to where this should go?
In this Highly Volatile Market with spreads that are high, it is best to have a wait and see before entering . Currently, Gold is consolidating. I expect a move the next following days.
Platinum may be bottoming in a very short-term although it doesn't mean that this is the confirmed bottom as the Overall Trend Bias is Downtrend.
Short will be the bias on Resistance while Long will be the bias on 4Hour Support.
Gold is usually Range Bound. I noticed that every time it increased by >5 USD in <1 Hour, it always goes back to its starting point before the said amount and it can even exaggerate the move moving downwards. If you plan to go Long, then I will see first how Gold will react to the 20 Daily SMA. Meaning:
1. Will it act as Dynamic Support of the Uptrend?
2. Will it...
