Gold Gold Daily Video, March 28, 2023

[Tradeitanyway]

Good morning,

Gold is coiling around 1950$ area. Here we have to options. First is - to make bet on potential upside butterfly, or, second - wait some progress on daily chart and touching of 1925-1933 support area:

 

[Tradeitanyway]

 

[Tradeitanyway]

am currently considering this scenario Sive
gold has not been able to rally up yesterday , it should be wave D up then E down then break new highs , well gold was flirting with lows , H4 candles bearish , it looks like wave iv bear flag breakout
and triangle is too good to be true, when it is so clear , it tends to fail, it is 4:30 AM now , so by the time you post your analysis , if I see H4 closing bearish and new lows , I will take more confirmation bearish , target should be 1923 1917 , and tomorrow is weekly monthly closing, it is critical. Also silver daily close yesterday with such candle at top , often hints for a topping and bearish sequence
should anything change, will keep you posted

 

[Sive Morten]

am currently considering this scenario Sive
gold has not been able to rally up yesterday , it should be wave D up then E down then break new highs , well gold was flirting with lows , H4 candles bearish , it looks like wave iv bear flag breakout
and triangle is too good to be true, when it is so clear , it tends to fail, it is 4:30 AM now , so by the time you post your analysis , if I see H4 closing bearish and new lows , I will take more confirmation bearish , target should be 1923 1917 , and tomorrow is weekly monthly closing, it is critical. Also silver daily close yesterday with such candle at top , often hints for a topping and bearish sequence
should anything change, will keep you posted

I would probably believe you by word, I'm not a big expert in EW Thanx for sharing, mate.

 

[Tradeitanyway]

Hello I am updating my bullish view for gold / silver broke new highs .. so looks like + correlation , a break above 1975 is a hint for more upside momentum to challenge 1990 2010 highs.
a break above 2010 should test 2030 2050 levels mentioned before. Careful of rejection at 1990+/+ upon first test for triangle resistance trendline

 

[Tradeitanyway]

It took 215 years for the US to reach $7 trillion in debt. It then took only 27 months (March 2020 - June 2022) to add another $7 trillion.

 

[Tradeitanyway]

Hello Sive, EUR also formation of bullish triangle

EURUSD .. potential triangle formation breakout , confirmation a break above 1.1030 to invalidate flat 4 correction scenario , targets if we break 1.1030 are 1.1160 to 1.1395
also on RSI we are breaking new high without divergence so far , tomorrow weekly and monthly close. Will take a hint via price action
this is the current scenario , should anything change will you posted

 

[Tradeitanyway]

Hello Sive , there is a nice set up on Nasdaq futures with clear impulse move, since gold is ranging up with no clear direction, I thought this might be a better opportunity to trade. Check monthly close Nasdaq/ you know what am talking about
and since indices are performing better, I'd rather stay away from gold bulls because recently they have trading as a hedge.. so gold collapse or correction might be coming soon, I do not know if there will be another black swan or fundamental to push gold higher , and taking a look at silver, we are testing 24.50 level Jan highs, so there might be some resistance there, gold as well
silver was performing better than gold because Nasdaq/silver ratio , as you are aware , silver is a critical component in tech sector

 

[Tradeitanyway]

Gold H1 technical overview

today's correction from 2020 to 2002 lows should be considered as zigzag ABC

A leg = C leg as 100% extension

a break above 2017 2020 confirms bullish flag formation. Should gold break above 2030 then look for further rallies that should test major targets 2042 2050+/-

wave 3 - wave 5 @ 2050+/-

As long as 2002 low is not penetrated as invalidation level for this bullish set up.

Tomorrow Non-farm Payrolls will be released and it is weekly close, so expectations for volatility can be in gold's bullish sake.

keep an eye on silver, platinum, palladium, copper, should any of these metals break new highs, it can be considered as additional confirmation for XAUUSD up trend.

alternative scenario, if gold fails to break 2030 and breaks 2002, then from technical perspective, we can consider 2030 this week high as a top. A break below 1976 short term uptrend reversal.

Gold was closed on Friday , so Monday session should be volatile
I like the fact gold was able to close weekly above 2000 level , first time since 2020, that's bullish

 

[Tradeitanyway]

I updating gold weekly count , will take it step by step how it develops, but considering weekly close highest since 2020, this is bullish signal.
as long we are trading above 1800 level mid channel of WXY , then we are in an uptrend. short term set up target is 2053, but should gold break 2070 historical highs and gold manages to close weekly or monthly above it, then 2159 2200+/- are long term first targets
but I do not want to get too excited and jump into market before I confirm all metals are breaking highs, in this case we can consider platinum and palladium as leading metals since they are at bottom. Platinum broke 3 months highs on Wednesday, eyes now on palladium and copper also.
we just need a black swan event or catalyst, I do not know what it might be, perhaps a series of banks collapse as a domino stone that will cause a series of global banks crisis or perhaps some more tension between USA and China regarding Taiwan, because Ukraine is looking as a major setback for USA, now maybe another try at Taiwan, I know it is hard to digest, but keep in mind that a desperate country might do anything stupid

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