Silver after reversing from a bullish Harmonic Gartley is retesting the PRZ which now coincides with the PRZ of two Bullish AB=CD patterns (60/162) & (78/127) If it can sustain above 16.35 then it could retest 17.40/17.75
CRUDEOIL DAILY NEXT.....
Short XAUUSD Gold Positional
A beautiful 2-day relationship pattern seen in crude WTI since morning. MCX crude last closed at 3804. Let us see how we react to the pattern now. It's a pure textbook pattern tested and proven by the world's topmost traders. Pattern name: OLHV To learn the 7 (2 days relations) message me. Thank You.
Gold which was trading at the lower support zone of a long term channel, has closed at nine days high. After this consolidation, it may trade at higher levels in coming days. Momentum is also looking strong, indicating a upward price moment. Beyond technical analysis, the fed rate cut and mixed commentary thereafter can be termed as supportive to a price rise...
Silver is trading below a long term channel, as long as it is out on the down side any longs should be avoided.
As the RSI charts are (specially the 21 period one) is far less volatile or noisy than the price movement chart, it is easier to determine its trend using the trend lines. the attached silver RSI chart shows how trend lines can be drawn on RSI and a fair idea of price movement can be drawn.
This chart will help understand the relevance of trend lines and parallel lines in understanding and trading trends of any trade-able instrument. As per this channel the lower range for Gold is 1485-1490, if it is taken - the gold prices will fall like nine pins. Let us see how it works in next few days.
Gold priced have been moving in a broa channel for quite some time. 1485-1490 is a rock solid support as one can see in the chart, if broken - it will fall like nine pins.
After yesterdays steep fall, Crudeoil has been consolidating. Crossing 50% Fibonacci level can take it higher. Breaking yesterday's low will take it further down.
Its been observed Oil making upward move from quiet a time now and forming flag and pennant pattern in its upward movement. To take new position lets wait for the breakout on either side of trend line on lower time frame of 1 hr for confirmation and then take decision until then just wait till this whipsaws get clear. You guys can check out my last update on...
TRADE SETUP AS PER MONK STRATEGY. ONE SINGLE TRENDLINE AND THAT IS ALL YOU NEED TO TRADE AS PER PRICE ACTION. ALL THE BEST