REASON FOR GOLD BUY CALLOANDA:XAUUSD
1) MULTIPLE TIMES RETESTED AND REVERSED THE TRENDLINE OF 4 HOUR TIME FRAME
2)TRIANGLE FORMATION AND TRADING AT TRIANGLE BOTTOM
3) REVERSAL CANDLE STICK CONFIRMATION
Trading suggestion:
. There is a possibility of temporary retracement to resistance support line (1280.90). 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 downtrend is expected.
. Price is below WEMA21, if price rises more, this line can act as...
Trading suggestion:
. There is a possibility of temporary retracement to suggested support line (1503.09). 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 support.
....
Gold is forming an inverted head and shoulder whose neckline is in confluence with very crucial resistance line.
Trade plan
I will long gold with 1500 as first target and then from their will wait to see the reaction at resistance zone to open new position.
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The stock witnessed sell off during the last session. The prices have closed below the kumo making a big black candle, indicating weakness. The momentum has lost strength RSI is not at all excited to move up plus macd has fallen below zero. There is a minor support at 550 levels, failing that support the stock may fumble and fall down to 460 – 415 levels.
According to my wave count ( Elliot wave) we are going to see wave 5 soon after wave 4 will be sone at the level of 1440-1430 so we can have long position from that point by taking stop loss 1400 and target as explained in the chart.
this is just a view which is only for educational purpose, please don't invest until you have some financial advice from an expert.
GOLD if closes above 1463.61 for a day buy above 1463.61 with 1456.38 as stoploss. Targets 1498.44, 1514.76
A close below 1455.78 in daily time frame, expect a fall to 1415.77, 1410.89
The unsettling global melt down, US - China Trade war, etc are likely to continue which in turn force people to shift to safer asset classes.
Now, if there was any chance for gold to break below 1500 levels, the trigger should have been the V shaped recovery in the market;
Instead gold is trying to steadily to grow its hold.
GOLD INTRADAY 1510.00
Good morning traders
The market presents itself with a opportunity on gold. Looking at the 1H chart displayed we can see that price stalled around 1485.00 . Looking at the momentum of the market and taking the recent negative development in trade negotiations I expect another push higher where I believe we could hit 1510.00. This would...
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