I will buy XAUUSD because :
It has been taking support at the trend line .
It has touched the trend line 4 times and has not been able to break it.
So will be looking at buying opportunities.
Entry : 1897
Target : 1915
Stop loss : 1892.94
The daily right side is up against 8/16/2018 low at 1159. The 4 hour right side is up against 1668. While below 1973 where the hourly is turning down Gold can correct the cycle up from the March lows.
So, where is gold headed?
Okay so, this week gold has given us a move to the 1960 region but failed to break above it.
Now immediate resistance has been made in the 1964-1966 region.
How will we approach this situation?
If this structure breaks and the resistance turn to support then on the retest we will be looking for price action in 4hr. timeframe as we...
What is the possible scenario here???
According to me, a W pattern may be forming in the 4 hr chart as we know that GOLD prices are still bullish and also the rejection of the downside is seen again and again in the 4 hr chart.
Also, this region holds support too so, buying can be triggered again here. So, if you have a position open in long then keep it open...
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.
GOOD LUCK !
The triangle pattern is broken in gold and we are now looking towards 1740 target.
It's a great buy opportunity. We have been waiting for this triangle to break this whole time. It happened today. :)
After 1740 immediate resistance will be provided at 1760.
Gold is favored to have ended the cycle up from 8/16/2018 lows where the daily right side is up. The 4 hour is turning down against the 2/24/20 highs at 1689. While below there the metal can continue lower to correct the cycle up from the 8/16/18 lows.
Gold is favored to remain in the cycle up from 8/16/2018 lows where the daily right side is up. The 4 hour right side is up against the 1/14/20 lows at 1535. While above 1547 where the hourly right side is up the metal can see strength continue toward the 1670-1700 area before it corrects the cycle from the 1/14/20 lows.
Gold is favored ended the cycle from 8/16/2018 lows where the daily right side is up in wave ((3)) at the 9/4/2019 highs at 1557 and a pullback to correct the cycle from the 8/16/2018 wave ((2)) lows ended wave ((4)) at 1446 on 11/12/19 where the 4 hour is turning up. While above there the metal can continue higher in wave I toward the 1650 area. Afterward the...