NOT A LOT UPSIDE FOR GOLD'S BULLS!BEARISH 3 DRIVE PATTERN!
As we correctly predict the rising triangle broke upwards and hit the projected targets as mention at the previous article attached below.
The question is what Gold 1.05% is going to do now?
The current price action is bullish but with bearish signs.
First of all the triangle did not broke with high volume .Second sign is the RSI divergence that it is obvious.
The RSI divergence can be explained bu the fact that when price had reached those levels again it had done it with bigger volume ,we reached that level of 1,296$ per ounce but with less ''momentum''.
The previous time we reached that price level Gold 1.05% couldn't break this resistance and pulled back.
If nothing that will increase the demand on the safe haven asset occurs until the next week such as geopolitical tensions or military conflicts e.t.c, Gold 1.05% propably will not break this resistance area again.
The Stochastics are also at the overbought area.
TECHNICALLY
At the chart we can see the 200EMA becoming flat and slightly bullish and this a level to watch for a retrace as is pretty close with the bottom channel line and the 50% Fib retracement level from the initial downward move.
Price is near the top channel line and upper Bb band.
We can also notice the mid-long term descending channel and the short term ascending channel .
Currently price is at the 78,6% Fib retracement level trying to change mid-term trend to bullish .
The resistance area is created by previous highs and the area between the 88,6% and the 78,6% area of initial downward move.
As i already published a longer term view we are in correction of ABC leg before we change the mid-long term trnd of Gold 1.05% to bullish .
So be careful on the longs at these levels.
We can also see the bearish 3 drive pattern that is a possible formation.We have almost equal construction time to the rallies and to the retarcements the rallies are alligned with the 1.27% Fib extensions of the rallies and retracements are at the 61,8%-78,6% Fib retracements of the rallies.
Plus the last rally we are currently now the 1,27% Fib extensions coincides with the top of resistance area and the 88.6% Fib retracement of the initial downward move.
You can look for a short at 1,310$ level per ounce with targets at 1,260$ per ounce and 1,240$ per ounce.
POSSIBLE TRADE:
FIRST TARGET AT 1,260-1,255$ PER OUNCE AT PREVIOUS RESISTANCE,BOTTOM CHANNEL LINE AND 61.8% FIB RETRACEMENT AND 61,8% FIB RETRACEMENT OF THIRD RALLY.
SECOND TARGET AT 1,240$ PER OUNCE AT 200EMA,50% FIB RETRACEMENT AND PREVIOUS RESISTANCE
BUY STOP AT 1,345$ ABOVE PERVIOUS HIGHS
THANKS FOR SUPPORT!
HAPPY TRADING GUYS!
The question is what Gold 1.05% is going to do now?
The current price action is bullish but with bearish signs.
First of all the triangle did not broke with high volume .Second sign is the RSI divergence that it is obvious.
The RSI divergence can be explained bu the fact that when price had reached those levels again it had done it with bigger volume ,we reached that level of 1,296$ per ounce but with less ''momentum''.
The previous time we reached that price level Gold 1.05% couldn't break this resistance and pulled back.
If nothing that will increase the demand on the safe haven asset occurs until the next week such as geopolitical tensions or military conflicts e.t.c, Gold 1.05% propably will not break this resistance area again.
The Stochastics are also at the overbought area.
TECHNICALLY
At the chart we can see the 200EMA becoming flat and slightly bullish and this a level to watch for a retrace as is pretty close with the bottom channel line and the 50% Fib retracement level from the initial downward move.
Price is near the top channel line and upper Bb band.
We can also notice the mid-long term descending channel and the short term ascending channel .
Currently price is at the 78,6% Fib retracement level trying to change mid-term trend to bullish .
The resistance area is created by previous highs and the area between the 88,6% and the 78,6% area of initial downward move.
As i already published a longer term view we are in correction of ABC leg before we change the mid-long term trnd of Gold 1.05% to bullish .
So be careful on the longs at these levels.
We can also see the bearish 3 drive pattern that is a possible formation.We have almost equal construction time to the rallies and to the retarcements the rallies are alligned with the 1.27% Fib extensions of the rallies and retracements are at the 61,8%-78,6% Fib retracements of the rallies.
Plus the last rally we are currently now the 1,27% Fib extensions coincides with the top of resistance area and the 88.6% Fib retracement of the initial downward move.
You can look for a short at 1,310$ level per ounce with targets at 1,260$ per ounce and 1,240$ per ounce.
POSSIBLE TRADE:
FIRST TARGET AT 1,260-1,255$ PER OUNCE AT PREVIOUS RESISTANCE,BOTTOM CHANNEL LINE AND 61.8% FIB RETRACEMENT AND 61,8% FIB RETRACEMENT OF THIRD RALLY.
SECOND TARGET AT 1,240$ PER OUNCE AT 200EMA,50% FIB RETRACEMENT AND PREVIOUS RESISTANCE
BUY STOP AT 1,345$ ABOVE PERVIOUS HIGHS
THANKS FOR SUPPORT!
HAPPY TRADING GUYS!
Đóng lệnh: đạt mục tiêu:
As i said i love commodities first target hit and now we are sitting on 61,8% fib retracement as we can see at the chart.
Well done once more traders.
Happy profits..
Well done once more traders.
Happy profits..
Đóng lệnh: đạt mục tiêu
Đóng lệnh: đạt mục tiêu:
Second target hitted great profits for those who listened!
Follow for more profits!
Follow for more profits!
Bình luận:
Price consolidating under first target..
