After breaking the trendline Gold is moving in a bear flag, potential break to the downside will bring 3000 to the question and tomorrow's positive move from Fed will break this level to erase all the gain from last weeks.
Price action is nearing its long term support and it will bounce from there. 1300 is the support. After getting support if price made double top at 1360, it will be range bound between 1300 - 1360.
Gold (XAUUSD) has formed a megaphone top on hourly chart. We will take decision based on the price action which is going to unfold.
Keep watching this space for more updates of targets and SL
Gold close with shooting star @ Rising
channel resistance With momentum
oscillators in overbought zones price
may see consolidation before next leg up
Going forward if price breaks below 1340
profit booking will come upto 1325-1300
from where buying is again likely to resume
with 23.6% & 38.2% retracement coming
@ 1320 & 1300
Gold has formed a Right-Angled and Descending Broadening Formation on hourly chart.
Short at CMP ($1336.5)
Target: $1325
SL: $1340.1
WE WILL LOOK FORWARD TO GO LONG ON THE 3rd TOUCH AT THE BOTTOM OF THE PATTERN.
Keep watching the space
Gold gave a big breakout above 1305$.Parabolic SAR on Monthly charts has given has given indication of the same. CMP 1316$ Stoploss 1298 Target 1375$/1415$
The right shoulder which the whole world must be watching will be completed in the 1375 area... Once we reach there consolidate and IF move up from there, then a iH&S target for 1700+ opens up!
The most important Monthly pivots on GOLD are these 2. We have not had a monthly pivot break out upwards since 2011. There is a great likelihood for the 1376 pivot to be taken out. Once that is done, a lot more upsides will open up.
hi,
As we can see the trend line is being breakout with heavy volume and closed and formed Triple Top, comming week if it close 1300 to 1310 range, It may test with the new levels 1342 & 1375. We also see rsi is in flat zone but yet not any confirmation from sell side.
As you can see there is clear Longterm Breakout , which is followed by a good Medium Uptrend breakout (1180-1300 levels). Here There is a Downward Trend in USD too.
That's All.
Gold Outlook: Gold continued this sideways movement from March-2017 within 1200$-1300$ range, Over all most of the moving averages and indicator are showing buy at this level but I preferred a Sell at this level 1290-1296 with stop-1302-1307 and Target-1270/1250/1220 and only a buy can be done when Gold does close above 1300 level on daily basis, Now a days...
Gold has reached it's resistance zone and making rising wedge on daily chart pattern. If breaking wedge support line, one can go for short trade.
However it may attempt to break the hurdle resistance zone; If breaking upper resistance line can go for long. Confirmation must be required for initiating this trade.
Gold has been in downtrend since 29-8-2011 to 17-08-2017 approximately, Just to put things into context.
Now, Gold closed above the trend line @ $1288.52 on last Friday. If it sustains above $1300 with good volumes then the uptrend in gold can be confirmed.
There are also Fundamental reasons for gold to move up as as mounting tensions between the U.S. and North...
GOLD BROKE THE NECKLINE OF Inv H&S pATTERN and stayed above it . I expect it to test 1290-95$ on Comex .SL can be maintained below the neckline on closing basis.
