My Bias has changed in less than 18 hours for Long-Gold. Please.

Sep 6https://www.tradingview.com/x/kcuu9XNt/

So towards the end of NY session yesterday Thursday, I was a little bearish on Gold. Why?

1/ The USDX where Gold gets a lot of its' cues from had formed bullish Head 'n' Shoulders Patterns on timeframes 5m right up to 30m. You better believe it. Technicals work on the USDX as well. But the bears have been nullified. The USDX is travelling down a bearish wedge. Sure, it can jump out at any time like a thief-in-the-night. What would prompt this? Well bullish Economic Data due out soon that is supportive of the USD.

2/ Please take a look at my chart. You will see that for the most part that Gold in this 4hr chart is sailing upwards smoothly in a rising wedge. Things can change there as well, if the economic data is bad.

3/ The Economic Data for Thursday was supportive of the Gold price I thought, so I am thinking it might be good again for gold. Take a look at the chart. I highlight which economic data to be across and how it could affect the Gold-price.

Regards,
Chris

Sep 6

Trade active

Don't panic if you don't get into a position straight away as price moves fast after economic data and NY open. There will always be retraces and fib levels.

An important number to get over is 2531.65. This will be the next leg-up towards the previous high price set a few weeks ago imho. So what I am saying is that there is plenty of profit today if price breaks the 2531.65 level. On favourable economic data for gold and there is a lot today, I think price can break this level.

Sep 6

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Economic Data was a mixed bag.
Gold price so far likes it.

Sep 6

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I believe that the NON Farm Payrolls number is what the Gold Price liked.

Sep 6

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LONG GOLD:
Retracement Levels: I would be inclined to get in at 61.8 to 50 level

Sep 6

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61.8
buy limit: 2520.50

50
buy limit : 2518

Sep 6

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2529.20 is a big resistance level.
I think the market will come back to these fibs.

Sep 6

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to be safe.. I would put a STOP LOSS @ 2511.95

Sep 6

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38.2 Fib level & price may come right down and fill you. it is Buy limit 2515.50
If you wanna be real greedy and catch the last flush down it is about 2514.
STOP LOSS 2511.95

Sep 6

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Here is the comparison charts of the USDX (left) Gold (right). The USDX dollar index is dwindling at 100.75.
Judging by the big candle that got written after the favourable Non-farms-payroll number, I think we will break 2531.65 after this Fib buying is finished.

Sep 6

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Sep 6

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Sep 6

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I re-wrote my fib levels. This is because the last ones I drew from the bottom of that institutional liquidity run. These fib levels start at the economic data Candle. So these levels are higher prices. I would scale in.
Don't risk more than 0.25% to 0.5% of your capital.

Sep 6

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the new STOP LOSS would be 2515.95

Sep 6

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That was the last flush-down. Market should move higher now.

Sep 6

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It seems to me they are searching extra hard for liquidity today knowing a lot of retail traders are long in Gold as of 45 minutes ago. Searching extra hard to find long stops.

Sep 6

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While all that stop hunting was happening it allowed the usdx to rally a bit. 101.15 now

Sep 6

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I'm still 100% long gold. Price has retreated to the Institutional Short level about an hour and a half ago. There is recent support down here.
Market will head up soon. If was going lower it would've been more aggressive. They were stop hunting.

Sep 6

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Gold was forming a beautiful W/bottom bullish.
But now gold is inside a falling wedge. Gold needs to break out of this wedge or price slowly gets sucked down.

Sep 6

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It's rather bullish when price breaks from a falliing wedge. lets hope so soon.

Sep 6

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I have cancelled my long positions traders.
The usdx is at 101.30. Last time at these levels it went very quickly to 101.50 and broke out.

Sep 6

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We will soon find out as the big NY pockets open for business on the gold price

Sep 6

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I am back into LONG gold.

Sep 6

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There is a bullish H&S on 1m for gold
Turns out in all that haste I clicked the wrong button and I was Short the USDX. Lol

Sep 6

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Perhaps a Saviour for LONG Gold.
Sell off on the left of screen for USDX
Bullish W/bottom forming for Gold. If price does not fall through the bottom

Sep 6

Order cancelled

Disastrous day for long gold. Guys vix index is moving up. Gold under 2500 needs to be shorted. I am currently shorting the shite out of silver. Later. good luck. Hard day

Sep 6

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Long Silver.....Scale in...sell off over

Sep 6

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I am short Silver and gold .. here is why guys

Sep 6

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The vix index is up and just went straight through this double top

Sep 6

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Sep 6

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Vix index: Stochastics Weekly Cross Up.

Sep 6

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The Vix index respects all technical analysis like fibs, mtops... If this one here was breached at the neckline. I would be piling back into Gold as quick as i could. But i can't see it happening.

Sep 6

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Be aware of the huge weakness in the Silver price currently. There is a massive bearish H&S on the Daily timeframe, its about 4% under current price. Keep an eye on it. I will be.