SteadyFund

SteadyFund

Looking at daily, gold is still bearish. In 12hourly TF, it is also at the final leg of Elliot wave. I am expecting price to go up to 2668 first then drop from there. However, it is possible also it goes down directly from current level. Let's see the actual PA in lower TF.

SteadyFund

Gold had bullish run for two days. However, I view this as retracement only. It is now in the 5th leg of Elliot wave. Ultimate top should be 2643. First target is 2623 and 2nd target is 2603.

SteadyFund

Gold didn't retest 2550 yesterday. Instead, it directly broke 2580 resistance and went all the way up to 2615. The next important resistance for gold will be 2618-2623. I am expecting some retrace from this level and today's support will be 2592. I will look for buying PA from 2592-2597, targeting 2643.

SteadyFund

As analysed in my weekly post, i am expecting price to go lower again to test 2550 and go up from there. Let's see the PA in lower TF.

SteadyFund

My medium term of bearish target of 2555 was hit. And the EMA 10 is held in 2 weekly TF. Therefore, i am shifting my medium trend prediction to be bullish. However, in 2 daily TF, the PA is still bearish. At the start of next week, price could drop again to 2555 or even lower and followed by up tick to 2610. From 2610 level, price could falls to 2555 again and...

SteadyFund

Gold has touched my medium target of 2550. It should bounce from here. i am expecting an initial drop to 2550 first then soar to 2588.

SteadyFund

Bears are very strong. I would not want to engage any buying orders today. Will look for selling opportunity from 2590 and targeting 2555.

SteadyFund

Gold is now in medium bearish trend. However, from 8 hrly TF, it's now on the 5th leg of Elliot wave. We could see a initial price drop today followed by quick reverse back after CPI data release. I don't have a good level for price to bounce from. Let's see the PA on lower TF then.

SteadyFund

Gold did drop like hell yesterday without any retracement to higher level. However, it may face a serious support at 2600 which is also 0.382 Fibo level. I am expecting it drops to 2600 level in Asia session and quickly rise up and form a inverse head and shoulder pattern. The main scene for today should be retracement

SteadyFund

As guided. in my weekly summary and forecast, this week's main theme is selling. However, 4hrly TF is still not bearish. I am expecting an initial drop to 2670 level and bounce up to at least 2709, or even 2727. There are the two levels I am looking to sell. Again let's trade by pattern not by emotion.

SteadyFund

Remember I did predict head and shoulder formation last week and it did formed nicely. However, it didn't touch 2758 high though. Confirmation for the medium bearish trend formation: 1. Head and shoulder pattern 2. Channel broken 3. US election I will engage mostly selling next week. 1st target 2610 and 2nd target 2555. There could be some rebound at 2610 but...

SteadyFund

The downward trend is inevitable in spite of FED interest rate decision yesterday. 2D TF, it has broken the support line at 2720. I am expecting it go up initially and drop from around 2726. 1st target will be 2680.

SteadyFund

Gold has fallen sharply because of election result. This is highly matched to my prediction in weekly TF. And in daily, it has broken the channel, which indicating heavy sells ahead. Now the path is tricky. Although bearish trend is obvious, Intraday trading is difficult. Due to large red candle, we may see correction taking place. Patience is the key. I would...

SteadyFund

As predicted, gold did touch my support level and bounce to 2648. I am expecting 2648 broken today and price should at least touch 2758, potentially 2772 before a new leg down. Let's see what the market will give us. Please be reminded today is election day. The market will be very volatile.

SteadyFund

This is my prediction for today. Gold likely will form a falling wedge, which signals buying continuation. Today's bottom should be 2718 and top is at least 2748.

SteadyFund

This is my prediction for gold today. As explained in my weekly review, i expect gold to form a head and shoulder pattern. Therefore, I expect gold to rise to 2745 then drop to 2720 and reverse again in US trading session to 2745. I will look for the trading opportunity at the indicated key levels in the chart.

SteadyFund

As expected in my last week's forecast, gold indeed touched upper end of the channel and dropped quickly and closed the week with a red candle. I expect a few weeks' selling session is coming, if the channel is broken next week. From 2d TF, bearish trend is not confirmed yet. I expect a head-shoulder pattern to form next week. So Monday we may see a quick drop to...

SteadyFund

Gold has closed the end of Oct with a big red candle but closed the month with a positive note. This is the two scenarios for selling cases. Take note that the overall trend is still bullish. Gold has not confirmed serious correction yet.