Gold Roadmap 25 Aug 2020
Updated
As we have seen the new Fib chanel is still valid. Since I've observed the last two super bearish days, the sellers did not break below 1919 and did not create a lower low in daily timeframe. I expect a pullback and retest the resistance at 1956 - 1963 and a daily candle closes above 1963 will set up for a new bullish trend to 2100 soon in next several weeks.
Condition: No daily lower low in Gold from now, Bull needs to take back the control, if not ok let's see the bearish Fib to 1880 levels and even lower.
Market structure: Consolidation, triangle break up, new chanel of Fib and Pitchfork analysis. ( Orange line is Pitchfork median line level, price is still hovering around it for consolidation, not yet crash).
Target: 1956, 1963, and 1989.
Entry: from 1925 - 1930 ( wait for a break out and support must be held around 1925-1928)
Exit: Stop loss Bull 1919-1909 ( Risk management is the key, should not LONG in this price actions ranging without waiting for Bull confirmation candle or fractal in 1h, 4h timeframe).
Note: Price actions are in a dangerous range and any price actions are below 1919 should be considered for a Bearish Roadmap and Game is changed!
Thank you for your sharing and comments.
Condition: No daily lower low in Gold from now, Bull needs to take back the control, if not ok let's see the bearish Fib to 1880 levels and even lower.
Market structure: Consolidation, triangle break up, new chanel of Fib and Pitchfork analysis. ( Orange line is Pitchfork median line level, price is still hovering around it for consolidation, not yet crash).
Target: 1956, 1963, and 1989.
Entry: from 1925 - 1930 ( wait for a break out and support must be held around 1925-1928)
Exit: Stop loss Bull 1919-1909 ( Risk management is the key, should not LONG in this price actions ranging without waiting for Bull confirmation candle or fractal in 1h, 4h timeframe).
Note: Price actions are in a dangerous range and any price actions are below 1919 should be considered for a Bearish Roadmap and Game is changed!
Thank you for your sharing and comments.
Trade active
Entry: 1919 and 1922 today. We did see a drama Tom and Jerry at this supporting area 1900 -1919 ( Lowest point is 1914 which is fulfilled 90% of the daily candle wick of last Friday 1911 low). I still keep my bullish viewpoint, if this support is held. Hope to reach to the target above 1963 soon with the weekly closing candle.Trade active
Long entry: 1919 or price below this level is the premium price and a good support for Gold this week. We still do not see the lower low at 1900 to 1909 level or lower. As I mentioned about 1909 - 1919 is a considerable support level to see price reaction.Trade active
Another Long entry: 1904. I still remain bullish, until Bears could print out the 18xx level and the game will be dramatically changed for a new bearish channel. (Updated 10 mins before NY 26 Aug opening).
Stop loss just below 1898.
Trade closed: target reached
All the targets are reached. The key numbers I mentioned above , finally they are printing out for a good entry and safe taking profit levels. I will improve my stop loss and find the support level, in fact the impulsive movement to below 1909 = false bear breakout, no body candles in high timeframe is closed at this level, several times, that is simply the hunting stop loss of Big Sellers. Price actions are often hovering around and above 1919, my key number I mentioned above ( for a BULL entry).
Thanks all! Gud luck to all.
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