GREAT PROFITS ON SHORTING GOLD!WHERE IS HEADING NOW?
Hello traders,after having a solid month on fores,stocks and commodities let's talk about Gold.
Gold after reaching it's top for the previous move and creating a reversal double top formation as we have warned you,now it's creating a pennant-triangle pattern which we believe it's continuation formation for this Gold's move.
It's was more than obvious that gold will have this correction for many reasons as far as technical analysis,from fundamnental side rate hike it was the most important catalyst.
So where is Gold heading now?Let's see.
TECHNICAL OBSERVATIONS
1.200EMA HAS TURNED BEARISH.SHORT POSITIONS ARE FAVORED.
2.WE HAVE A TRIANLE-PENNANT FORMATION ABC WITH THE PROJECTION TARGETS.CURRENT PRICE ACTION IS FAVORING THE SHORT TARGET.
3.WE CAN SEE THE CHANNELS FROM PREVIOUS ARTICLES ARE FULLY RESPECTED AND NOW PRICE IS TRYING TO KEEP THE TOP TREND LINE OF THE DESCENDING MID-TERM CHANNEL BELOW IT.
4.WE CAN SEE THAT WE HAVE FIBONACCI CONFLUENCY AS THE 1.618 EXTENSION OF THE LAST SWING IS AT 1,222$ LEVEL WE ARE RANGING NOW AND IT IS LASO THE 61.8% FIBONACCI RETRACEMENT OF THE ORIGINAL ASCENDING MOVE AS STATED AT PREVIOUS ARTICLES.
5.WE HAVE SMALL BULLISH RSI DIVERGENCE THAT DOESN'T PROVIDES US ENOUGH EVIDENCE THAT THIS DOWNWARD MOVE IS OVER.
6.WE HAVE HIDDEN BEARISH STOCHASTIC DIVERGENCE THAT GIVES US MORE EVIDENCE THAT THIS DOWNWARD RALLY ISN'T OVER.
7.THE PROJECTED TARGETS OF THE TRIANGLE-PENNANT FORMATION COINCIDE WITH THE PREVIOUS SUPPORT/RESISTANCE AND PSYCOLOGICAL LEVEL OF THE 1,200$/OZ AND WITH THE 2.618 FIBONACCI EXTENSION,ALL THESE POINTS MAKE IT POSSIBLE NEXT STOP OF GOLD'S SELL-OF RALLY.
8.WE CAN ASLO NOTICE THE CRUCIAL GREEN AREA MENTIONED AT PREVIOUS ARTICLE AND SIGNALING BEARISH OR BULLISH MARKET FOR GOLD.
9.WE HAVE ALSO AN ADVANCED HARMONIC PATTERN FORMATION OF A BULLISH GARTLEY WHICH IT WILL BE COMPLETED AT THE RED AREA MEANING THE SAME AREA MENTIONED ON ALL ABOVE OBSERVATIONS AT 1,207-1,197$/OZ.
FOR ALL THE ABOVE REASONS OUR BIAS REMAIN SHORT WITH FIRST TARGET AT 1.200$/OZ.
POSSIBLE TRADE:
BUY STOP AT 1235$/OZ
FIRST TARGET AT 1.200$/OZ
THANKS FOR SUPPORT!
KEEP FOLLOWING FOR MORE PROFITS!
Gold after reaching it's top for the previous move and creating a reversal double top formation as we have warned you,now it's creating a pennant-triangle pattern which we believe it's continuation formation for this Gold's move.
It's was more than obvious that gold will have this correction for many reasons as far as technical analysis,from fundamnental side rate hike it was the most important catalyst.
So where is Gold heading now?Let's see.
TECHNICAL OBSERVATIONS
1.200EMA HAS TURNED BEARISH.SHORT POSITIONS ARE FAVORED.
2.WE HAVE A TRIANLE-PENNANT FORMATION ABC WITH THE PROJECTION TARGETS.CURRENT PRICE ACTION IS FAVORING THE SHORT TARGET.
3.WE CAN SEE THE CHANNELS FROM PREVIOUS ARTICLES ARE FULLY RESPECTED AND NOW PRICE IS TRYING TO KEEP THE TOP TREND LINE OF THE DESCENDING MID-TERM CHANNEL BELOW IT.
4.WE CAN SEE THAT WE HAVE FIBONACCI CONFLUENCY AS THE 1.618 EXTENSION OF THE LAST SWING IS AT 1,222$ LEVEL WE ARE RANGING NOW AND IT IS LASO THE 61.8% FIBONACCI RETRACEMENT OF THE ORIGINAL ASCENDING MOVE AS STATED AT PREVIOUS ARTICLES.
5.WE HAVE SMALL BULLISH RSI DIVERGENCE THAT DOESN'T PROVIDES US ENOUGH EVIDENCE THAT THIS DOWNWARD MOVE IS OVER.
6.WE HAVE HIDDEN BEARISH STOCHASTIC DIVERGENCE THAT GIVES US MORE EVIDENCE THAT THIS DOWNWARD RALLY ISN'T OVER.
7.THE PROJECTED TARGETS OF THE TRIANGLE-PENNANT FORMATION COINCIDE WITH THE PREVIOUS SUPPORT/RESISTANCE AND PSYCOLOGICAL LEVEL OF THE 1,200$/OZ AND WITH THE 2.618 FIBONACCI EXTENSION,ALL THESE POINTS MAKE IT POSSIBLE NEXT STOP OF GOLD'S SELL-OF RALLY.
8.WE CAN ASLO NOTICE THE CRUCIAL GREEN AREA MENTIONED AT PREVIOUS ARTICLE AND SIGNALING BEARISH OR BULLISH MARKET FOR GOLD.
9.WE HAVE ALSO AN ADVANCED HARMONIC PATTERN FORMATION OF A BULLISH GARTLEY WHICH IT WILL BE COMPLETED AT THE RED AREA MEANING THE SAME AREA MENTIONED ON ALL ABOVE OBSERVATIONS AT 1,207-1,197$/OZ.
FOR ALL THE ABOVE REASONS OUR BIAS REMAIN SHORT WITH FIRST TARGET AT 1.200$/OZ.
POSSIBLE TRADE:
BUY STOP AT 1235$/OZ
FIRST TARGET AT 1.200$/OZ
THANKS FOR SUPPORT!
KEEP FOLLOWING FOR MORE PROFITS!
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