umeh_barry

umeh_barry Updated 

The bullish bat pattern together with a strong initial upward movement confirms the beginning of an upward trend. Pull backs should give us great buying opportunities.

umeh_barry

We expect price to continue upwards if the major support is broken. USDJPY is on a monthly downtrend so we expect price to bounce back towards the downtrend trend line.

umeh_barry

Price is approaching a major support which is close to the upward trendline. If price can break this support and the upward trend line expect a major move to the downside.

umeh_barry

The monthly chart shows the pair in an overall downward trend. we are presently is an upward trend heading towards the resistance of the general downward trend. We can enter trades and take profit at the overall resistance.

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Long positions can be taken now at the pull backs. Potential long term setup.

umeh_barry

The price has gone below both upward trends and is approaching major support. We expect the support to be broken and retested as resistance to start the swing downward trend.

umeh_barry Updated 

Gold should look to bounce back from its critical support at 1307. A confirmation has been made from the higher-high and higher-low bar that has been formed since hitting the support. Long positions should be taken between 1295 and 1307. and tp should be at 1357. The US inflation announcement on Wednesday should have a high impact on this movement also.

umeh_barry Updated 

A critical support at 1.21998 which was previous resistance is being approached. A bullish bat pattern at this point also gives confidence of a potential long position. The bollinger band also shows that price is in oversold conditions. These three confirmations gives me the confidence of a bullish pattern. Tp can be expected at 1.25235.

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Consolidation in process from long term uptrend. Downward trend is most likely due to the uptrend line being broken and the elliot wave pattern being on its fifth wave.A potential heads and shoulders pattern could be formed which would complete our three confirmations. Breakout confirmation is needed before positions can be taken.

umeh_barry

Important reversal price at 1.36504 is up ahead. When price hits this point a bullish bat pattern would be formed and long positions should be opened with take profit at 1.48607.

umeh_barry

Price is moving up after hitting important support at 108.228. Bullish bat pattern also confirms upward movement. Bollinger bank also shows price in oversold conditions. Three confirmations already seen which makes me really confident. Tp1 and Tp2 should be around 110.915 and 114.588 respectively.

umeh_barry

Gold approaching major support at 1325. Bollinger band also shows gold reaching over sold region. Wait for the buy at 1325 and expect it to reach the 1337 region.

umeh_barry

The daily chart shows gold heading towards major resistance at 1365.04. A similar pattern was seen in october 2016. If the pattern is to mirror that of 2016 expect the price to drop back to previous support at 1333.11. If the price exceeds this then expect gold to head to a higher resistance at 1376.

umeh_barry

Previous resistance in 2017 of 148.213 was broken and has already been tested as support. New resistance looking to be formed as gbpjpy continue upward movement. New resistance to be formed at 171.699 according to the trend line. The triangular breakout with the Fibonacci timezone also confirm this.

umeh_barry

The monthly chart shows gold approaching major resistance after a bad week for USD. USD should bouce back at the resistance and gold should fall towards the next support at 1212 which would also be a correction after such a high surge up. Patience would be key to this trade as it is long term.

umeh_barry

Depending on how the dollar recovers after a bad week this trade could go both ways. There is a major long term support at 108.708 and 101.300. The USD can rebound at any of these support and go all the way to either 108.698 or 114.690 which where previous resistance levels. Please remember patience is required for safe and profitable trades and long term trades...

umeh_barry

Price action: Expect gold to fall after approaching 1356 which seems like a major resistance. This is the highest price that gold has ever reached so expect the bears to take over and lock in profits Alternative: If the resistance is broken expect a major move upwards with a new resistance forming.