Gold GOLD PRO WEEKLY, January 27 - 31, 2020

[minimax]

Advance GDP Price Index q/q is bad but what bothers me is that just XAU and XAG are moving, so if they both not start falling at NYSE open, but not very deep, then I expect both should go up, and EURUSD and indeces down.
Tomorrow XAU will climb above cup line for sure because noone wants a weekend surprise and so no more weekends with gap down on XAU & XAG.

 

[Christina Ledger]

making some good profits on gold at the moment. whos else????!

 

[minimax]

On Daily we have two ABCs for crab(s) and we might be in deep crab on H4. As said, in this coronavirus and Middle East situation being short is not exactly good thing so I expect we could see 1604 at least until end of NY session.

 

[Sive Morten]

Greetings guys,

Yes, I agree with Minimax - on daily chart situation is not friendly for immediate Selling. Although both grabber are valid - the price action is a bit tricky. When you see solid sell-off as 2nd grabber was, normally market should follow down, but it has turned to triangle/pennant consolidation instead, which means that upside continuation of different scale is not excluded:

Our yesterday warning on avoiding short entry was mostly correct as gold has proceed to XOP target. Now we clear see triangle shape and bullish divergence still stands here. Thus, the only setup that we could consider is a trade around recent bearish engulfing pattern. But this is scalp trade and only for today:

So, if market will form gradual AB=CD upward retracement to 5/8 Fib level and forms "222" Sell - it is possible to consider scalp short, based on engulfing pattern only. And only for 1-2 days, because, on 4H chart and higher price performance is not very friendly for going short. As today's Friday - maybe it makes sense to not trade gold at all, especially if you're not scalp trader.

 

[minimax]

Cup line is imporant! I do not belive until 14 PM CET we get somthing dramatic but in NY session we could get whipsaw, especially between 5 and 10 PM CET. Maybe indeces need another all time highest peak? In such case 1563 should be broken, but how deep?

 

[minimax]

US30 looks bearish but if it stays close to 28200 it might recover into shark and go even above recent alltime high. XAU should make new HH today and stay close to 1588, XAG should hit 78,6 retracement and stay close to it, so Monday could bring changes in direction for all of them. But it is stil 2,66 hours to go...