Gold? Nothing much lately.That's what made me check. Bulls

Dec 7

https://www.tradingview.com/x/SfyO75Bb/

I don't follow the news much these days, but the safe haven thingy is not going away, Middle-east, Russia, North Korea, it seems to be the cool thing for a leader to do is start a war.

Enter the Gold-price & its safe haven attributes.

I had written Gold off the last few days, doing its daily up and down liquidity checks and price not moving much on Friday.

You will see in the chart on the 30m that gold recently parted ways from a wedge pattern, price moved aggressively south for about 100% move of the width of the wedge, then it moved aggressively north and stopped well north of its exit from the wedge and then made a perfect 38.2% retracement.
So what happened next. Well price has accumulated around this level and price is beautifully above VWAP and the 200ema.

All 3 charts have confluence setups for bulls.

But here is what I don't like. One moment.

Dec 7

Trade active

I am a MACD freak. Here is a chart to show why one should never lose site of the bigger picture contained in the higher time frames. This is the 3 month chart for Gold. MACD very bullish for gold going forwards.
3 Monthly Chart Gold (below)


It looks to me by checking the lower timeframes Macd that it should start a run upwards out of the gates tomorrow morning in the Asia session. As I said earlier, if you are after a bigger move to capitalise on, check my above charts once more, a daily, 30minute and 3minute & you will soon workout where to put your stop loss. But I would be careful buying Gold in the Asia session, much lower volume than USA. I would need to see a sustained move-up to buy in the Asia market.

Dec 7

Note

There was nothing 'I don't like'. It all looks good. One thing I will say is that being so close to Christmas now, all these setups and things happening could be DIRTY TRICKS to lure us in. Why accumulating low volume positions on price weakness days is a good strategy imo. I mean talking of dirty tricks, I have lost count of the number of times Bitcoin have moved above the 100,000 level and then they move back under. Investors are getting sick of buying btcusd only to see it fall an hour later under buy price. It may not end good for bitcoin.

Dec 8

Note

Daily Macd on Gold price.
Note its poised to swoop in either direction, but for mind the recent histogram contains more 'green-bumps', which supports the publication I just wrote about.

Dec 9

Note

Further professional states bullish setups in Gold:
Dow Jones Newswires
Comex Gold Futures' Bullish Setup Still Valid, Chart Shows — Market Talk
Dec 9, 202417:56 GMT+11


GOLD
+1.19%
Comex gold futures' bullish setup is still valid, based on the daily chart, RHB Retail Research's Joseph Chai says in a research report. Friday's price movements have reaffirmed that "bears are respecting" the immediate support pegged at $2,640/oz, he says. "This is in line with our expectation that the support level is typically strong during a bullish technical setup," Chai says. As long as the commodity remains above this support, the "bulls have the technical upper hand," Chai says. Immediate resistance is pegged at $2,800/oz, Chai adds. Spot gold is 0.4% higher at $2,644.03/oz. ([e-mail])

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