Gold is showing a bearish divergence on weekly chart. 1680-1670 area would be key. If broken, price may go to test the uptrend line.
- #523
- May 7, 2020 5:45am May 7, 2020 5:45am
- Joined Feb 2011 | Status: Trader | 6,018 Posts
Guys they gave the game away with this big drop just before Frankfurt open. When this scenario occurs, just about always the trend will reverse - banks are just providing liquidity for the next session. Banks in different parts of the world are working together - no doubt about it! {image}
SNAP!
My eyes are on GBPAUD for now guys. I'm trying to understand this trend. How can it move almost 500 pips in one upward in less than 2 days and almost 600 pips downward in a week? That's 1,100 pips in a week and few days. I will appreciate any tips my eyes have not noticed yet. Especially now that UK is easing down the lockdown. Should we expect another 700 pips upward? Hmmmnnn 
- #534
- May 11, 2020 3:12am May 11, 2020 3:12am
[quote=baby_legend;12931003]My eyes are on GBPAUD for now guys. I'm trying to understand this trend. How can it move almost 500 pips in one upward in less than 2 days and almost 600 pips downward in a week? That's 1,100 pips in a week and few days. I will appreciate any tips my eyes have not noticed yet. Especially now that UK is easing down the lockdown. Should we expect another 700 pips upward? Hmmmnnn
Hi B Legend. Just passing through whilst I observe some potential Gold upside, and saw your question. Being as no-one else seems to have acknowledged your query, I thought I'd take a look, albeit that GBPAUD is never generally on my radar. Anyway, at a glance, it would appear that the last bull run that you mention (more of a thrust) was quite sudden and would have left many buy order on the table. As is quite normal, the market will bring it back to fill the remaining orders. Of course you can't start buying until it's back down to wholesale price and the retail traders are selling it like crazy. Looks like a bit of accumulation at the moment and then typically another short push to the downside (call it stop-hunting if you're that way inclined) to get the last sellers. Then we look prime for another round of buy orders Hmm gold is on the move. Good fortune sir
Hi B Legend. Just passing through whilst I observe some potential Gold upside, and saw your question. Being as no-one else seems to have acknowledged your query, I thought I'd take a look, albeit that GBPAUD is never generally on my radar. Anyway, at a glance, it would appear that the last bull run that you mention (more of a thrust) was quite sudden and would have left many buy order on the table. As is quite normal, the market will bring it back to fill the remaining orders. Of course you can't start buying until it's back down to wholesale price and the retail traders are selling it like crazy. Looks like a bit of accumulation at the moment and then typically another short push to the downside (call it stop-hunting if you're that way inclined) to get the last sellers. Then we look prime for another round of buy orders Hmm gold is on the move. Good fortune sir
...My eyes are on GBPAUD for now guys. I'm trying to understand this trend. How can it move almost 500 pips in one upward in less than 2 days and almost 600 pips downward in a week? That's 1,100 pips in a week and few days. I will appreciate any tips my eyes have not noticed yet. Especially now that UK is easing down the lockdown. Should we expect another 700 pips upward? Hmmmnnn
