harbhaj

harbhaj Updated 

Carry trade: XAUUSD looking weak, sell if hourly closes below 1728 with SL above 1740. Targets 1696, 1665, 1630

harbhaj

Gold seems to be signalling a buy and the reasons I believe so are as follows: 1. Gold made a low of 1769 which significantly is slightly higher then the Nov low of 1765. This shows that bears are not in total control as generally believed. 2. The strange behaviour of Silver: inspite of Gold retesting its lows silver refused to break accordingly. This divergence...

harbhaj

Gold made a low of 1802 against my target a of 1805. Now I expect gold to retrace to 1880-85 range which correspnds to upper channel level of downtrend as well as the 0.5 retracement of the recent drop. However I do not believe the down move has run out of steam and a retest of 1765 is likely and a possible move lower. Having said that I will leave with some food...

harbhaj Updated 

the thing thats bothering me, when everyone is buying the big boys normally sell. also most of the traders have loaded up on calls and who writes those calls? I believe this is a shakeout, banks can't allow PM too go too high ATM with the number of calls sold by them. The levels to watch are 1898 and 1885. A drop below these levels is going to be negative for...

harbhaj Updated 

As I previously posted Gold is looking bullish and Gold has a number of factors which point to the possibility of a major breakout such as: 1. The 20/50/100/200 DEMA are aligned in a descending order which is a sign of a bull market. 2. Gold has been trapped in an ascending triangle for the previous few days and has closed at the top of the formation. 3. An...

harbhaj Updated 

with a close above 1850 gold has started showing signs of a bull trend. For confirmation of this trend, it has to close above the bearish trend line at 1865. This will set it up for a TP of 1881/1915 in the short term.

harbhaj Updated 

triple top is forming on the 1H chart. the levels to watch are 1837 (POC) and 1822 (neckline of H&S)

harbhaj

If neckline breaks could see a 50$ drop

harbhaj

With gold closing below 1848 on the hourly chart, it seems to have signalled a continuation of the downtrend. The next crucical level to watch out for is 1813 as a close below this level could herald a retest of 1765.

harbhaj

If we look at the monthly chart pattern, price action seems to indicate that we may be at the start of a bear market which will be confirmed if Nov closes below $1781. Now I know nearly everyone is bullish on Gold due to the expected stimulus In Dec or Jan and the expectations of higher liquidity but we had a stimulus in March in USA and other countries also had...

harbhaj Updated 

Yesterday's price action after the announcement after the vaccine announcement removes a major bull support from the market. This has lead to a higher risk appetite as could be seen by rising treasury yields (postive for USD) and share markets. Currently the hope of a stimulus is the only thing holding gold up and this may be delayed (with Trump more focussed on...

harbhaj

Bulls tried to take gold higher but were unable to sustain the momentum and it closed below its major support which is now acting as resitance. DXY is providing further headwinds with it closing above a major resistance at 93.83 which is generally bearish for gold. However the market as such does not have 100% bearish sentiment as due to US elections and hopes of...

harbhaj

We are seeing an interesting situation in silver with the bears not able to close below $22. Also the previous support of the triangle formation is forming a rising channel with the long term support line. If this support line continues to hold we may see the start of a long term bull run with silver making fresh life time highs. However be aware that this is a...

harbhaj

Gold continues to move lower under pressure from the dollar. It could easily hit a low of 1850 as that seems to be the next major support.

harbhaj

Silver should retest its yesterday lows and may also create a new low. Trade with caution as market is oversold and there may be a sharp reversal.

harbhaj

Bulls have been trying to gain control of the market but have failed to make out a breakout since 5 days. For bears 1925 level is crucical as close below that affirms their control.

harbhaj

Silver has broken out of the triangle formation and continues to look weak. a close below 26.5 is necessary to reinforce the trend

harbhaj

Silver mini entered a rising channel yesterday before breaking down. It is now trying to renter the channel so would recommend letting it play out until a clear trend is formed. A close above 70500 or below 67900 will decide the trend