SerpentForexClub

SerpentForexClub

Gold is going down since 2 months. It tried to make a higher high, but it couldn't and dropped from 2000 level. At monthly TM formed evening star pattern, which is very powerful pattern. The last bullish candle was with very big wick, it means a big rejection. The price formed double top with RSI divergence and now is going to retest the neckline at 1680...

SerpentForexClub

I am little confused about this pair. The pair cleared the last high on higher TM. On lower TM went back up and couldn't make new higher high. The price bounced back down, making a divergence on RSI., These are signs that the pair is going to melt. On the other side April just finished with big bullish candle on Up trend and the price didn't reach the major...

SerpentForexClub

I believe that the pair is going to correct the sharp down move. On higher time frame EU is dropping a long time without correction. EU already have cleared the sell side liquidity from the previous low. On Elliot wave prospective the pair made wave 5 and reached the targets (wave5=wave1 and Fibonacci confluence ). USD already had a bad economic news and next...

SerpentForexClub

The pair moved in very sharp move up. Normally these moves are not healthy. Last week a strong resistance was broken and now the pair retraced to the zone. We have to wait and see the price action, but for now I have bullish bias. 1. It could test the zone and move to the next 2. It could consolidate 3. It could fully retrace. Fundamentals says that XXXJPY...

SerpentForexClub

There is few possible scenarios for this week, but mainly CONSOLIDATION. I expect from price to reach 1920-1925. In this area there is an Order block and this is the bottom of the previous consolidation, also weekly Pivot point. Price chanced the angle of drop and now is forming some kind of wedge or channel. This is a bullish sign for gold, but this type of...

SerpentForexClub

The impulse move already began. I expect a measure move to the upside, where the price will face a strong resistance level at 30,000. This zone is the upper side of big reaccumulation phase with duration about 2 years, where silver will consolidate a bit, before break it and go up.

SerpentForexClub

Next week the fall will continue to the Fibonacci confluences. Which one is not sure.

SerpentForexClub

Gold broke the triangle and the small consolidation. I expect next week to reach the top of the bigger consolidation at 1965, where the weekly pivot point is. If we look daily time frame, we can see that this pair make more consecutive bullish candles, which is sign of bullish momentum. There is still a possibility to go down until breakout of 1965 level.

SerpentForexClub

For those who see H&S pattern and think that the price could go further down I have a chart to think about it. 1 - THE BIG H&S You can see that the pattern is not supported by the volume. The rule say, that to be a reversal pattern it need to have something to reverse. Thats mean, before H&S, the price need a trend that can be reverse. In this case there is no...

SerpentForexClub

I am long this week on Gold, because I see a couple confirmations. Elliot wave analysis: The correction that we have at the moment retraced to 61.8% Fibonacci level of the previous Impuls move, which is enough. Normally the correction should close the gap and test the previous consolidation, which in this case is the big triangle, but it not necessary. If the...

SerpentForexClub

The pair already washed out the retail traders and return to the consolidation. I think this will be reaccumulation and it need more time to accumulate power to break the structure.

SerpentForexClub

Gold is currently moving UP. Will see how the market move today. More detailed analysis on Gold expect on Weekly Outlook.

SerpentForexClub

The pair just retested the consolidation zone and the orange trend line. Now it is dropping. The main target is -1.27 Fibo level and this is also the bottom of a big range. Of course there is targets in-between.

SerpentForexClub

After a day of sideways move the pair finally move. But this could be only small retracement.

SerpentForexClub

So I was very bullish on gold and in long term I am still bullish. After these 2 days of drop, it is clear now that wave C of 2 in on move. Normally when price break a triangle it has to retest the consolidation. Gold is doing this right now. My opinion is, the price will go to 1850-1860 where is Fibonacci confluence is, test the triangle, finish the correction...

SerpentForexClub

Last days gold dropped and still dropping, but the big picture tell us - ''this is only a small correction before big move''

SerpentForexClub

EG finished the wedge at the lower border of the trading range. Elliot waves as always give us two possibility of the direction. But for now price react of the support zone and I believe at least will test the origin of the wedge. more analysis in my free telegram channel:

SerpentForexClub

Today I was struggling with EU. Price couldn't break the the last support and already penetrated my Trendline. It bounced from 78.6% retracement, which is entry area. I added a long position to the Fibonacci confluence, which is supported with H4 Order block. This was also the previous reaction area. This will be the third and may be the last swing, before price...