Gold continued to consolidate in $15 range but this time the expansion was on the upside unlike the previous weeks, finally closing with gains of $7. The uptrend was halted as the price action created a double top formation directly inverse to previous week’s double bottom formation which continue to suggest the trend still remains bearish in-spite of favorable...
Trading suggestion: . There is a possibility of temporary retracement to suggested support line (1292.95). if so, traders can set orders based on Price Action and expect to reach short-term targets. Technical analysis: . XAUUSD is in a range bound and the beginning of uptrend is expected. . The price is above the 21-Day WEMA which acts as a dynamic...
Midterm forecast: While the price is below the resistance 66.50, beginning of downtrend is expected. We make sure when the support at 55.20 breaks. If the resistance at 66.50 is broken, the short-term forecast -beginning of downtrend- will be invalid. Technical analysis: A peak is formed in daily chart at 66.50 on 04/23/2019, so more losses to support(s)...
Gold is still trading in the $1265-1300 range. It has taken support of trend line after the emergence of positive divergence on RSI . 10 EMA is still trading below 20 EMA which shows the negative trend is not over. We'll wait for breakout from the range to decide future course of action. Till the time, we'll remain on side line.
Silver looks to have formed bullish Wolfe Pattern on daily chart. Breakout has already taken place. Silver should touch $15.65 by ETA of 13th May 2019 (converging point of wedge). Wave 1 took 11 days , wave 2 took 11 days, wave 3 is much shorter and took 4 days (aberration), Wave 4 took 10 days. If we go for symmetry then we won't find as Point 1 to 3 took 22 days...
Gold continued to trade in the defined range similar to the previous week ending with cuts of more than $6. The week saw gold getting battered towards the low again as the Fed’s policy outcome was dovish for the dollar. The week again has important fundamental news majorly the U.S – China trade talks which is presumed to be at the last level of round of talks....
Crude may go the yellow line i drawn above and then gets rejected or breakout.
The bear market is further opened up, In the future to maintain the High-Short trading ideas. Or Sell Limit 61.50 TP1 59.50 TP2 58.70 SL 62.80 Follow Me! Show U The Money! --------------------------------Ronnie 2019.05.06 in
1- crude is here near around it's trend-line .. 2- Crude Oil is above it's 50MA 3- RSI and price action showing us positive divergence .. You may go long from here with Stop-loss of 50MA
Midterm forecast: While the price is below the resistance 66.50, beginning of downtrend is expected. We make sure when the support at 55.20 breaks. If the resistance at 66.50 is broken, the short-term forecast -beginning of downtrend- will be invalid. Technical analysis: The RSI uptrend #1 is broken, so the probability of beginning of downtrend is increased. A...