GOLD Bull

bigbax699

Recruit
Messages
35
Last time i looked at gold , i suggested the double top M formation at 1662 for the sell back down to 1575-1550. we have achieved this move now with a gain of over 1000 pips. As you can see price rejected from the long primary trend and just above the .618 fib level. But what will happen next? will we see a further push down, or will we hold support around this area before the next push upwards. i have taken the day off trading today to protect my weeks profits and not potentially get caught in a trade on a friday over the weekend. Otherwise i would of bought at the level it dropped too. Stay safe if your trading, hopefully some of you caught the bottom and got a cheap price for gold . Wild week we have had, enjoy your weekend everyone
Screenshot_11.png
 

sebking1986

Recruit
Messages
183
After some initial volatility it appears to be holding in the 1580-1590 range now. Just bouncing around off the 0.50 fib level. In normal circumstances I'd lean towards going long but these aren't normal circumstances!
 

momo3HC

Master Sergeant
Messages
419
After some initial volatility it appears to be holding in the 1580-1590 range now. Just bouncing around off the 0.50 fib level. In normal circumstances I'd lean towards going long but these aren't normal circumstances!
Yeah not normal at all when even gold is affected by this crash.
 

bigbax699

Recruit
Messages
35
Saturday and time to reflect. Looks like most of the world is on lockdown now and rightfully so. This virus is proving to spread very fast. Back looking at gold today as its been a while. Couple of weeks ago i was suggesting selling from the 1662 area marked in red. We had the double top and M formation, along with bearish divergence on the daily, very strong confluences. I thought we would only get down to the 1544 area a the bull has been so strong. But nontheless we dropped alot more all the way down to 1451. So well done if you took that sell you made a nice few thousand pips there. The 1451 support level looks to of been the bottom for this pullback and price closed friday above the .618 fib level We could see some ranging action around here before the next move up, that would be my guess. The uncertainty of the corona is causing alot of volatility in the market so we need to be safe. Always remember to buy gold at the cheapest price possible. Enjoy your weekend GLIYF
Screenshot_1.png
 

Nnn.h

Private, 1st Class
Messages
30
Lately there has been chaotic volatility of some currencies. gold seemed to me a stable metal. although i don't prefer to trade with it. but it was forced and justified measure. what can i say now...
i think gold will reach the level 1642.32. then rollback will begin. approximately to the level of 1568.22. or price can even go lower.
 

momo3HC

Master Sergeant
Messages
419
I`m seeing some mixed signals here so got to wait more before taking some action with gold.
 
Top