Silver bounced off from 15.30 again, next week there may finally be a breakout below that level.
XAU/USD & XAG/USD - Gold & Silver Traders Thread
- #47,205
- Jul 29, 2018 3:23pm Jul 29, 2018 3:23pm
- Joined Dec 2015 | Status: Trader | 8,751 Posts
Here's a technical perspective on XAUUSD.
From the weekly time frame, it is apparent that the market had been on a retracement of the downward swing from the high of September 2012 to the low of November 2015. The downward swing experienced a 38.2 Fib retracement in July 2016. Thereafter, a general wave analysis shows that the market experienced two southward (impulsive) waves before it morphed into an ascending consolidating channel (blue). The consolidating channel has been broken down and price action is now around the intersection of a horizontal support and an inner support trendline (magenta). We may experience a sideways operation in the area in the early part of this week but should bears seize the initiative, we are likely to see price action continue southward and target the outer support trendline (red) from October 2008 or the horizontal support around 1180.30/1177.10.
I may be wrong. Trade safe and prosper.
KP
From the weekly time frame, it is apparent that the market had been on a retracement of the downward swing from the high of September 2012 to the low of November 2015. The downward swing experienced a 38.2 Fib retracement in July 2016. Thereafter, a general wave analysis shows that the market experienced two southward (impulsive) waves before it morphed into an ascending consolidating channel (blue). The consolidating channel has been broken down and price action is now around the intersection of a horizontal support and an inner support trendline (magenta). We may experience a sideways operation in the area in the early part of this week but should bears seize the initiative, we are likely to see price action continue southward and target the outer support trendline (red) from October 2008 or the horizontal support around 1180.30/1177.10.
I may be wrong. Trade safe and prosper.
KP
Do your homework, follow the footprints of smart money
- #47,212
- Jul 31, 2018 8:49am Jul 31, 2018 8:49am
- Joined Mar 2006 | Status: Trade the reaction not the news! | 10,359 Posts
- #47,218
- Aug 1, 2018 8:23am Aug 1, 2018 8:23am
- Joined May 2013 | Status: formulating infinity | 2,125 Posts
Hi All
I hope you guys have been well!
Just my 2 cents on XAUUSD
to say its been a fun summer would be understating it! we broke from 1313 and never looked back.
and now, almost $100 later, shes sitting on some pretty major support (monthly)
this line connects the april 2005 low to the december 2015 low!!!
needless to say, if it breaks, we can see another $70 bucks wiped out in a hurry!
I am not on this instrument anymore... she treated me well, and im taking a break from her because i dont want to get trapped in a false breakdown!
plus theres a potential time pivot in a couple of weeks which may produce a change in trend.
on the topside, resistance is around 1280, but im not even gonna speculate about if/how/when we get there... the bulls (if there are any left) have their work cut out for them!
H4
cheers
I hope you guys have been well!
Just my 2 cents on XAUUSD
to say its been a fun summer would be understating it! we broke from 1313 and never looked back.
and now, almost $100 later, shes sitting on some pretty major support (monthly)
this line connects the april 2005 low to the december 2015 low!!!
needless to say, if it breaks, we can see another $70 bucks wiped out in a hurry!
I am not on this instrument anymore... she treated me well, and im taking a break from her because i dont want to get trapped in a false breakdown!
plus theres a potential time pivot in a couple of weeks which may produce a change in trend.
on the topside, resistance is around 1280, but im not even gonna speculate about if/how/when we get there... the bulls (if there are any left) have their work cut out for them!
H4
cheers
90% of people, are wrong about 90% of everything, 90% of the time...
- #47,219
- Aug 1, 2018 8:43am Aug 1, 2018 8:43am
- Joined May 2013 | Status: formulating infinity | 2,125 Posts
90% of people, are wrong about 90% of everything, 90% of the time...
