Aussie Tuesday Session - Buy order soon in Silver
Updated
https://www.tradingview.com/x/xiPuvc8Q/
Silver has sold off about 0.25% in early Australian trading.
I will have another buy order into Silver very soon...
Basically, the selling has been ignited due to Double Tops forming across timeframes right through to the 4HR because price action was stalling in the New York rally in getting over the 30 level again for the 2nd time during the Monday session.
Silver has sold off about 0.25% in early Australian trading.
I will have another buy order into Silver very soon...
Basically, the selling has been ignited due to Double Tops forming across timeframes right through to the 4HR because price action was stalling in the New York rally in getting over the 30 level again for the 2nd time during the Monday session.
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My apologies... I wrote that wrong: The above double Tops pertain to the Gold price selling off in this way... Silver has tracked this sell off in gold and fallen a bit with it.
When the Gold price looks to be bouncing back I will let you know.
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The silver price has bucked the downward trend in Gold and is showing strength again.. Silver is back at break-even after a few moments ago down 0.25%. However, Gold looks weak due to the double topsTrade active
Buy Silver on the breakout above 29.92Comment
The Silver price is moving inside a 15m triangle & I am seeing a lot upside momentum. a breakout of this triangle would be about the 29.92 level.Comment
This same triangle is on the 30m and 1hr as well. That explains the momentumTrade active
A break above 29.92 or buy at current levels for Silver.
I see where the Gold price might recover soon, this will help this breakout in Silver to pop 29.92
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29.75 would be an aggressive Stop Loss point.
or 29.72 a bit safer.
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29.92 was the bullish breakout.
Buying Silver on a pullback at any level above 29.92 would be a good buy
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Silver's strength in this Asia session really depends on how much it want to fight against the Gold price which is a bit under threat on the 4HR due to Double tops and Gold could fall considerably more, when a bullish reversal will formTrade closed manually
Silver has been dragged back under 29.92 by a weak gold price today in Oceania/Asia session. Because I see the possibilty of Gold falling much more, before it turns around bullishly, Silver is back under that breakout zone and I think there is the possiblity the Silver price could be dragged down a bit with goldComment
When this downward price action in Gold completes we will have the next trade.Comment
I do not like what I am seeing in the Gold Charts right now.
I would not be buying any preicous metals until this selling in Gold plays out.
The upside is that once this selling pattern in gold completes it will present a new BUY OPPORTUNITY in Gold
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This same chart of Gold below. I have highlighted 'SHORT RESISTANCE' that so far the Gold-price has not broken. So it certainly does not mean that the Gold price will fall off a cliff at this time. That is fairly thick resistance and so far the Gold price has rejected falling further.
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The silver price is still showing strength and divergence from the gold price which is falling in Tuesday Asia. But how much more the Gold price falls I think is limited and not much because it so far has failed to break lower through short-resistance.Comment
Here is the Silver price contracting inside the 1HR with Bollinger bands. This contracting price action for silver has helped it along from falliing with Gold in fact all this contracting and the fact silver broke above the triangle 15/30/60 has given it an upward projectory where it could keep rallying, especially if the gold price correction is over which I think it might.
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Update on the Gold Price / Precious Metals Tuesday Asia session
Please see the 5m gold chart below. Gold has been trending down for the past 5 hours or so in this huge 5m wedge. However, if you look to the bottom right and the recent price-action of gold, see how it was accumulating/contracting in a tight zone and then broke above. This tells me the gold correction is over for now. I am about 80% on this...not completely sure because anything can happen as a trader.
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Risky but I rebought a couple of small positions in Gold which I rushed to sell about an hour ago....to replenish. See the chart. It's possible the Gold price could fall a bit lower into the green discount zone at 2502 & price will either turnaround there or at current levels.
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Finally, I might take a break..... this chart is a 2m where you can see some buying happening in these 2m chart BUY-order blocks.
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Buy gold Price on the break above 2508.30
Stop Loss: 2506.45
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About to turn bullish guys.
My old favourite.
1 1HR simultaneous Cross up of the Stochastics and RSI
They will soon cross up the 20zone and 30zone
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Buy Gold: The breakout above 2508.30
Stop Loss 2506.45
Hidden Stochastic divergence as well.
Oscillators I am quite confident will cross up very soon
This should be good RR
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Buy-Stop order if your broker allows themTrade active
Consider risking 0.25% to 0.5% instead of 2%
Here is the math
20k account: 10 losing trades 20k account = 16k
20k account: 10 losing trades (same in a row) 20k account = 19.5k
15 and 30 stochastic have crossed up the 20
Next the 60 will soon and price will recover in gold
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The 2nd 20k account is where you. risked only 0.25 %. 10 losing trades cost you $500 VS $4000 when you risked 2% as the gurus tell yaComment
I am confident reasonably that price will hold up. As I pointed out above when we are below that 50ema on the 1hr there is not a real lot of momentum.
Usually the slow moving 4hr Stochastic comes down and gets under price but also needs to cross/up or it just sits in oversold. The 4hr Stoch will be down later for some heavy lifting.
But what I. think might aid the gold price soon is a very week usdx today. It's in double tops on most charts and is gonna fall further today.
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weakTrade active
The break soon out of this rectangle will be bullish 2509.70Trade active
LONG Gold:
Yes that key level to break is 2509.70
Gold price will pop
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Long GOLD Trade:
We bought the break-above 2508.30
* The next important level is about 2511:15 the 1HR 50EMA, a break above will provide more momentum.
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Take a look at how the cross of price at the 1hr ema converges exactly with my old mate Mr Stochastics 1hr.
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1hr 50 ema that should read above.Trade active
Bring your stop loss up a little perhaps.
I would like to see this push through the resistance 2526.75 thereabout we need to break. Maybe with London session starting in just over 3 hours the Volume will fire up and we take this to an new high
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It can''t be ALL bad when consumer consumer confidence is healthy.
What a day it's been so far this Tuesday.
Hello everyone.
I will look for a trade, you are welcome to take it with me if I find something.
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We are back at a price that is basically a Mean-Reversion Level.
I would be comfortable to BUY AXUSD at this price-point 2508-2512
STOP LOSS : 2506
The Risks in the immideate Price action: A triple top sell off. But I think price will push through.
*Trading is risky. Plz don't rely solely on my financial advice.
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UPDATE: Buy Gold up to 2520Comment
2515 SLDisclaimer
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