GOLD Bull

[Deleted member 231512]

It's going to smash to the upside next week.

 

[bigbax699]

Trade closed at break even so nothing lost. Looks like we might finally see some good strength from USD. We have seen price break out to the downside from this little bearish flag . I wont be fully selling until the smaller averages cross the longer term averages. But once they do then i will be ready to sell, which looks what might happen. But where will we go? Ive marked out a couple of likely zones we could see hit. Resistance zones which turned to support on the way up is a nice likely target to hit. Personally i dont think we will see gold trade under 1700 for a long time so the first target would be my prediction before another bull run. GLIYF

 

[Deleted member 231512]

If it drops to the 1700 area, I will be filling my sack!

 

[bigbax699]

i hope you all seen this setup happen on gold . We broke out below of the triangle which shows us its bearish intention. So as always we wait for a retest of the break. Well we got our pullback, but instead of testing the triangle it broke, it looks to of broker the horizontal support it fell through. This is a textbook simple setup for you all to learn and take, bearish candles on the lower timeframe from that zone is easy to take. These type of setups offer us a nice R:R as we can get a fairly tight stop loss. Aiming for the 0.786 fib, but its possible we could only see the .618 fib level. USD strength could come ba

ck into play so lets hold this one for now. GLIYF

 

[Deleted member 231512]

Great analysis Lee. I may even take a short position here. It's a rare occasion that I short gold

 

[Colin Lewis]

Worth a look again this

 

[Forex bison]

Analysis is really thorough mate! Hope to see more from you

 

[bigbax699]

Last time i looked at gold i was selling from that little resistance zone we just dropped through. Came close to our SL but we saw another drop again with the USD president speaking yesterday. But now my bias is changing on this pair. This big bullish flag looks very nice to me so i would like to look for buys instead as we are still in an overall bullish trend . Ideally id like price to come back to the famous .618 fib and shoot up from there. Wether it will come back all that way is yet to be seen. We could also look to buy on the breakout too. Plenty of pips on offer. IF we get a drop further down take a buy, also look for the breakout. GLIYF

 

[bigbax699]

Looks like gold wont be going down to the desired area of interest. The 50% fib level held and looks like we could see a breakout soon enough. I will place a small positions in the breakout, but for a full position i will wait for the break and retest of the support level on the .382 fib. That way i can scale in more if the bull is real. Have a good weekend everyone GLIYF

 

[bigbax699]

Patience has been rewarded. Bitcoin has broken out of our wedge and is looking nice and bullish again. If you stayed in this trade with me then were in nice profits again. Shame its only half a position but profit is profit. The move looks impulsive so far so im going to try and hold for TP. Have a good weekend all GLIYF