SteadyFund

SteadyFund

I am still looking to buy despite yesterday's heavy drop. 4hourly close below 2390 will invalidate the setup.

SteadyFund

As explained in my weekly forecast, I am overall bullish for the week. Will looking for buying opportunities from 2423 or 2410 level. Let's see what is given to us.

SteadyFund

Gold tends to perform as history repeats. Thus I am comparing the current trend with that in Feb-Oct 2016. Very similarly, during these two periods, both were rejected from its respected trendline three times and pulsed from key support four times. After this, in 2016, trendline was broken until it reached 1.618 target. From there, around 3 months consolation,...

SteadyFund

FED cut expectations have boosted Gold pass 2432 and touched 2450. We will buy from correction today. Ideally from 2432. It should reach 2460 or even 2482 ATH today.

SteadyFund

Gold has broken the trend line, which means correction is over. It has resumed its long term bullish trend. I will look for buying opportunity after it retests 2995-2400 support.

SteadyFund

Goldy has been very obedient yesterday. It fell exactly from 2402 and broke 2390. After reaching daily low at 2370, it bounced back. Expecting it to test 2390 again and the trend line, it should accelerate its downfall after that. Let's see the price action around the 2390 zone.

SteadyFund

As explained in the weekly post, I expect Gold to continue its down trend. Waiting for PA at around 2400 level to sell. If the price closes below 2350 today, that's a confirmation for bear market.

SteadyFund

Gold is always nasty. It could go up and down like rollercoaster. While it got perfectly rejected from 2431 and touched almost 2350, it then went up all the way near 2390. Nevertheless, it closed the week with a red candle. I would love it to close this month below 2323 to make a red monthly candle. Until then bearish momentum is confirmed. Next Monday will be...

SteadyFund

Gold indeed broke 2390 support and fall all the way to 2353. There is a strong support around 2353 zone. Would expect some consolidation between 2353 and 2367 before US time. I will trade with caution as it is Friday and anything could happen on Friday. Note there will be core PCE data releasing today.

SteadyFund

Gold has indeed reached 2430 as expected but didn't foresee that sharp turn and formed a daily bearish candle. I will not rush into market today as there will be GDP data releasing later. Will wait for price action at around 2407-2411. Or if 2390 is broken before Europe trading time, will look for retest opportunity to sell. In short, won't engage any buy order today.

SteadyFund

As predicted yesterday, Gold indeed started to retrace and hit daily high 2411. It could rise to 2420 first and even 2433 ultimately before next big drop. Will monitor price action at the mentioned key levels.

SteadyFund

Gold didn't break 2390 support yesterday. It needs some corrections in order to continue its bearish trend. from wave analysis, Gold should have ABC wave in next two days before continue its water fall. As long as 2390 holds, I will buy temporarily for Gold. If 2390 is broken, I will look for selling opportunity in smaller timeframe.

SteadyFund

Bears need some rest before starting to race again. Today we may see some consolidation. But my strategy for today is only selling. Will look for opportunities at 2420 level and targeting 2390.

SteadyFund

Finally a triple top has been formed in weekly. Didn't expect it could reach another ATH then drop hard like past week. All I say is crazy gold. Nevertheless, gold indeed closed the week with a red candle. Next week is straightforward. Sell, sell, sell! Expect testing 2300 support by end of next week.

SteadyFund

As expected, Gold has been pushed down and broke 2452 support. I expect it to close the week with red candle. So today it should retrace to 2452 and continue the fall and should break 2420.

SteadyFund

Indeed Gold has form a double top in 4 hourly candle. I am expecting this week close with a lose. Selling from 2465 and targeting 2420 today.

SteadyFund

Due to interest rate cut expectations, Gold has reached ATH yesterday, which invalidate my short term bearish trend. However, current level is highly overbought. There could be some serious corrections coming in next few days. I will wait for pattern to sell in 4 hourly timeframe or buy from 2420 zone. Currently I don't have a area for selling forecast. This thing...

SteadyFund

Daily Gold didn't break 2425 resistance level. 4 hourly, if there is another bearish candle, we could see falling wedge pattern. Then I will engage selling right away. Expecting to see testing of 2400 today. Upon retracement, 2400 support may be broken today.