On the 4 Hourly Charts Gold MCX has Strong Support Zone around 49900-50000, As it was previous Channel Resistance now acting as support. We may see the uptrend resuming, On should follow strategy to buy on correction and Hold for investment with Stoploss below 49000 on closing basis.
Looks like we are in the 5th wave according to the Elliot wave theory and moreover there is a negative RSI divergence as well. Indicating weakness in the momentum!
Trading suggestion:
. There is still a possibility of temporary retracement to suggested resistance line (1721.65). 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.
. The price is below the 21-Day WEMA which acts as a...
XAUUSD (GOLD) Short - Given out on my YouTube channel, price has come back up to the pink zone as I said it would... now waiting for the candle stick rejection to confirm momentum cannot push any higher. If we see the correct candle stick rejection shorts will be on the cards allowing us to take this short all the way down to the -61.8%, taking partials at both...
Trading suggestion:
. There is a possibility of temporary retracement to suggested support line (1719.52). 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....
Trading suggestion:
. There is still a possibility of temporary retracement to suggested resistance line (1731.0). 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.
.The price is above the 21-Day WEMA which acts as a...
The 4 hour right side is up against 8/16/2018 low (1159). 1 hour is turning down against 1739 high. Near-term, while bounces fail below 1739 high expect Gold to extend lower to correct the cycle from 8/16/2018 low in 3, 7 or 11 swings before upside resume.
SHORT GOLD
@1700-1704
TP: 1680
SL: 1715
GOOD LUCK !
Trading suggestion:
. There is a possibility of temporary retracement to suggested support line (1693.48). 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 below the 21-Day WEMA which acts as a dynamic...
The 4 hour right side is up against 8/16/2018 low (1159). 1 hour is turning down against 1739 high. Near-term, while bounces fail below 1739 high expect Gold to extend lower to correct the cycle from 8/16/2018 low in 3, 7 or 11 swings before upside resume.
SHORT TERM SELL
Midterm forecast:
While the price is above the support 1660.25, resumption of uptrend is expected.
We make sure when the resistance at 1747.50 breaks.
If the support at 1660.25 is broken, the short-term forecast -resumption of uptrend- will be invalid.
We will close our open trades, if the Midterm level 1660.25 is broken.
Technical analysis:
A trough is formed...
Trading suggestion:
. There is a possibility of temporary retracement to suggested support line (1641.00). 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....
Trading suggestion:
. There is a possibility of temporary retracement to suggested support line (1595.00). 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....
One could argue is that the period could be of distribution, but I think that gold is Bullish in the long term. As I have shared in previous chart, so this looks like another accumulation to me.
GOLD
Gold has crossed the major psychological level which is 1600.00
And currently trading at 1620.00 level
It has broke the triangle formation and reached the top side level of 1620.00
We can expect short term fall back towards 1606.00 level
From this level suitable long position may open at 1606.00
Take profit will be 1628.00
Stop lose may...
