Sharing another view to help you out with your trading decisions.
Bounced exactly at the spotted level. Unless we start climbing again we could resume the bearish trend.
It is always nice when you can predict in advance a nice move in GOLD, but from now on I have mixed feelings: Inverted Head and Shoulder pattern with important bullish movement, OR, massive inflation sending GOLD down... I'm simply holding my short positions as long as we are below reference EMA lines. Trailing STOP LOSS mode on.
After reaching my target I remain mainly BULLISH on this pair.
Quite undecided at the moment. I m just sharing my view and waiting for a clearer signal to jump in.
Nothing new here. Slowly getting there, to my target.
Weeks ago I draw this chart...So far quite accurate. Target remains as planned.
Looks like the HS pattern prevails so far. Neckline would be somewhere in between 1.17 and 1.16. If that works out as planned the correction should be to 1.12 and below. My target remains bearish on this pair (LONG TERM)
Well, if you believe in candlestick patterns then look no further. Spotted a SHOOTING STAR candle on Daily Chart... We should be going down from current levels. From the fundamental point of view there will be an OPEC meeting very soon where and expected hike in the output is the key player here. Furthermore, If Iran reaches a new deal with USA/EU then we might...
Some correction seems in place. Targets achieved.
If you have been following my chart you would be probably holding profit short positions. Well done. Hold tight and wait longer for a large amount of profit. HS pattern confirmed.
Current fundamentals are against GOLD but I have spotted a possible inverted HS pattern that could lead the price to retest all time high. We are back on the previous descending channel and trading in between EMA's so lots of uncertainties at this level. Long term I remain BEARISH but in the mid-short term we may have some bullish surprises
right where the resistance was detected, forming the right shoulder of the HS pattern. I would be extremely cautious should be break below 30K again...
Failed to go above previous highs and current weekly candle bounced at support line and EMA line (green). Long term I remain bearish with targets below 1.34
It was quite an easy call at such levels. All the best if you followed the chart.
It looks a clear reversal is in place with target at 94.