Shoulder head shoulder looks bigger now on weekly
XAU/USD & XAG/USD - Gold & Silver Traders Thread
- #50,321
- Jun 29, 2019 5:54pm Jun 29, 2019 5:54pm
- Joined Jan 2019 | Status: "Ideas stimulate the mind" | 4,203 Posts
- #50,322
- Jun 29, 2019 5:56pm Jun 29, 2019 5:56pm
- Joined Jan 2019 | Status: "Ideas stimulate the mind" | 4,203 Posts
I'm kicking off my golden birthday weekend celebration. Hitting the big 30 tomorrow.See you all @market open
- #50,324
- Jun 29, 2019 10:07pm Jun 29, 2019 10:07pm
- Joined Jul 2013 | Status: Trader | 5,459 Posts
I'm kicking off my golden birthday weekend celebration. Hitting the big 30 tomorrow.
Cheers,
R
Ronnie Renko
- #50,328
- Jun 30, 2019 3:29pm Jun 30, 2019 3:29pm
- Joined Dec 2015 | Status: Trader | 8,751 Posts
Here's a top-down technical outlook on XAUUSD.
The XAUUSD market has been bullish for quite a long while, breaching significant highs along the way. Presently, price action is located above the multi-year high created in July 2013. However, the bullish momentum appears to be in decline . A topping pattern is developing around the 1426.15 horizontal resistance area on the daily time frame but a rising trendline (red) is still in play. We may see further sideways of price action or a retest of the trendline. A target of any southward retracement of price action is the immediate horizontal support around the 1390 area.
A wedge pattern (blue) has formed on the H4 time frame and bearish prints are predominant within it. We may see a breakdown of the wedge foe a bearish pullback to an area of value. The 1390 area is such a likely place where price can pullback to. A breakdown of the rising trendline (red) seen on the daily time frame is likely going to see bears target the 1348 horizontal support area.
I may be wrong. Trade safe and prosper.
KP
The XAUUSD market has been bullish for quite a long while, breaching significant highs along the way. Presently, price action is located above the multi-year high created in July 2013. However, the bullish momentum appears to be in decline . A topping pattern is developing around the 1426.15 horizontal resistance area on the daily time frame but a rising trendline (red) is still in play. We may see further sideways of price action or a retest of the trendline. A target of any southward retracement of price action is the immediate horizontal support around the 1390 area.
A wedge pattern (blue) has formed on the H4 time frame and bearish prints are predominant within it. We may see a breakdown of the wedge foe a bearish pullback to an area of value. The 1390 area is such a likely place where price can pullback to. A breakdown of the rising trendline (red) seen on the daily time frame is likely going to see bears target the 1348 horizontal support area.
I may be wrong. Trade safe and prosper.
KP
Do your homework, follow the footprints of smart money
- #50,329
- Jun 30, 2019 5:17pm Jun 30, 2019 5:17pm
Morning Guys,
Whoa what a open for Gold and Oil.
Seriously I had not expected this much response from the market of this so on the line and expected talk
I am all blown away. Any chance gold might touch today's low once again?
Whoa what a open for Gold and Oil.
Seriously I had not expected this much response from the market of this so on the line and expected talk
I am all blown away. Any chance gold might touch today's low once again?
- #50,331
- Jun 30, 2019 5:23pm Jun 30, 2019 5:23pm
- Joined Sep 2013 | Status: Trader | 25,137 Posts
nice gap so i have a few buys here 
, my tps from friday again picked the gap down to take profits on my sells gold is so kind to me 
i also have a sell us30 gap to fill trade so now i wait lets roll the 
, my tps from friday again picked the gap down to take profits on my sells gold is so kind to me i also have a sell us30 gap to fill trade so now i wait lets roll the people leave, but this thread will go on for ever
- #50,332
- Jun 30, 2019 5:32pm Jun 30, 2019 5:32pm
Morning Guys, Whoa what a open for Gold and Oil. Seriously I had not expected this much response from the market of this so on the line and expected talk
One thing I have learnt , Markets have basic property - Not to be stable. It needs any sort of reasons to move up and down!! Its a herd!!
For instance- Though there are enough sings of Global slow down, today we have one reason of US CHINA temporary truce to sell the gold!!
- #50,333
- Jun 30, 2019 5:38pm Jun 30, 2019 5:38pm
- Joined Jul 2013 | Status: Trader | 5,459 Posts
Ronnie Renko
- #50,334
- Jun 30, 2019 5:41pm Jun 30, 2019 5:41pm
- Joined Sep 2013 | Status: Trader | 25,137 Posts
Very nice start to the week for me...... R
people leave, but this thread will go on for ever
{quote} Me too have surprised with the amplitude of the gap on GOLD today. One thing I have learnt , Markets have basic property - Not to be stable. It needs any sort of reasons to move up and down!! Its a herd!! For instance- Though there are enough sings of Global slow down, today we have one reason of US CHINA temporary truce to sell the gold!!
US-China reopen trade talks > odds improve for a trade deal > odds improve for higher global growth therefore risk assets appreciate.
I explain my basic fundamental framework of looking at the market here if you’re interested.
Self-sufficiency is the greatest of all wealth. - Epicurus
- #50,339
- Jun 30, 2019 5:53pm Jun 30, 2019 5:53pm
- Joined Dec 2015 | Status: Trader | 8,751 Posts
Do your homework, follow the footprints of smart money
- #50,340
- Jun 30, 2019 6:01pm Jun 30, 2019 6:01pm
- Joined Sep 2013 | Status: Trader | 25,137 Posts
few more gaps around the charts cadchf audusd just 2 small trades
edit
usdjpy small trade
edit
usdjpy small trade
people leave, but this thread will go on for ever