from what price seems to be doing, looks like golds trying to find its previous all time high, which never really got retested. Referring to 1920.... looks like that will be first stop, if support is found then back up to 1945, if this is broken then 1967. then 1984.
if it loses this support then I expect a much deeper pullback to around 1858. 1815 area.
1920 will be a major area since as seens price has followed this trend for almost 2 years and finally broke out without a proper retest
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and there it goes slowly making its way. wont be surprised to see 1920 by eod
as stating thinking dollar is on a correction back towards 95.5 area, with that in mind expecting to see gold potentially retry 1815 area in the near term.
but as stated would first wait for 1920 to be broken to look for shorts around there. 1st time price flew by without hesitation 2nd time might not be as easy.
{quote} and there it goes slowly making its way. wont be surprised to see 1920 by eod as stating thinking dollar is on a correction back towards 95.5 area, with that in mind expecting to see gold potentially retry 1815 area in the near term. but as stated would first wait for 1920 to be broken to look for shorts around there. 1st time price flew by without hesitation 2nd time might not be as easy.
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and there we go lol done for the day, didn't trade but glad I was able to see the move
If care is NOT TAKEN from what I see on my H4 and D1 Charts, our precious METAL may tanker all the way down to 1803.18 in a few days.
Watch carefully, its a skeptical time to be buying, USE SMALL LOTS, get in quick and get out quick, UNTIL a stable patter or normal trend forms.
ESPECIALLY STAY ALIVE!!!
PLEASE DON'T PLACE BUYS NOW, EXPECTING A REVERSAL, TRADE WHAT YOU SEE, TRADE SMALL FOLLOW THE TREND WITH SMALL LOTS, IT COULD REVERSE ANYTIME, BUT EMA & SMA says we're going down, though it's terribly oversold, follow the trend.
Sorry for the long post, DON'T SELL ON THE SUPPORT or BUY ON RESISTANCE, UNLESS ITS A CLEAR BREAKOUT, 5 STICKS ON THE 5 - 15M at least.
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Good day to all.
I bought gold at 1922.41 and I'm targeting 1972.70 as a first major resistance, from where we can have pullback down to 1962.54/1946.14 and I'm expecting up to 2015.67 if 1946.14 acts as a support.
For now, 1925.02/1929.73 is holding.
That is your decision. Try it and you tell me.
I can't tell you what are you going to do, are you going to buy, sell and how long are you going to stay in your trade. We don't see the market the same way.
Why don't you post your analysis? That is the best way to learn, first make an analysis then trade it. You can win or lose, no other option.
There is no sense that someone tells you what to do, in my opinion it is the fastest way to be left out of the money because you don't know why are you doing it.
I can tell you it is too early to reenter it and what then? I can also be right or wrong.
Breakout imminent
look for an entry above 1948 to go long or if it touches lower trend line at 1928 go long from there with tight SL
Of course - it could also breakout to downside anything below 1927 would confirm that
My screenshots not working ?!
anyway looks like a bull pennant formed hence the break to the top side
Hey all, so seems gold found support at 1860 area, was able to get price back above 1880 which gave it a nice boost above 1920.
what am looking for is a nice strong close above 1945, to go long up to 1981-1985 area. if price cannot break 1945, I believe a retest of 1920 will be inevitable by eod.
looking a little further into tomorrow if daily closes above 1920 believe we will get another whack at that spot tomorrow as well
3 different scenarios im watching. break below 1920 invalidates bullish move in my opinion
So after looking at charts price is having a hard time passing the 1939-1945 area, as said yesterday i would look for this are to be broken to buy 1945 with a tp of 1985.
if price continues to struggle then we will probably see a visit of 1920 again, if price finds support here i will buy, this area. and if this is broken then sell this own to 1907-1910. maybe even 1888.
So 1920 has proven to be quite the support for the day, gave us a noce bounce from there a few times, but as far as longs go, 1945 was good spot to close them and wait for a break above this area as stated before a new long is initiated.
Bulls do not seem to be out of the equation yet, but neither are bears.
A good closure is needed above 1945-1949, to continue long, if this does not happen, may look to short 1945 down to 1907 area.
not too much difference between pics from yesterday, still in the same consolidation area, granted its been a rather larger consolidation price has remained between 1907-1949.
Great analysis bro! But i i wou like to know ! At which time frame it would have to must Made a closure above 1945-1949 That bullish mode become valid!
1944 has been holding trying to go past yesterday high of 1950 but it's serves as a strong resistance.....
To me if 1950 is broken upward the 1971 could be the next destination... Else if 1944 breaks downward 1913/07 might be bearish destination
My observation... Still learning a lot here
Great analysis bro! But i i wou like to know ! At which time frame it would have to must Made a closure above 1945-1949 That bullish mode become valid! At H1,H4 OR D1
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I mean tbh Itx I have a lot to learn still, I would look for the closure to occur on the 1hr and 4hr , from what ive seen, 15m and 30m may be nice to get some acalps in or to find best entry points, but as ive been learning and seeing i don't put too much weight on the smaller closures, because as we constantly see, a 4hr candle will wick up past a resistance and stay there until the last 1hr of that 4hr candle and it'll pullback all the way back under the resistance.
so I would wait to see 1hr or 4hr close above.
daily of course would be great to close above, but one would be able to kind of get an idea if that'll happen by seeing where this 4hr candle closes.
Gold Mining - Using Each Trading Day's Trend
