Goldlongterm
GOLD REVERSAL TRADE BUYING LONG TERM FOR WEEKSAS we was on gold short now market did hit break even stop. NOW Price shows that it wants to go up. In my opinion this is a long run trade so thats why so large exits.
But if you are intraday trader so consider that it will be bulish for many weeks upfront. And only buying gold is best advice.
Good luck!
Gold flying to the moonWe all thought gold was gonna go down because of the daily pullback but after today we have confirmation that we could see gold go for 1350 area already this week.
On the H4 timeframe the price went down around previous low (not exactly), made a new higher low instead, didn't break the trendline and as a gift we received hidden divergence which means trend continuation.
We want the price to close above the small H4 resistance to get the last confirmation before we open any positions.
If we do see a breakout out of the weekly upper channel we could see the other levels to be potential targets.
GOLD NEW BUYING OPPURNUTUNITY Tonight fallow gold maybe tonight gold will have new dip. Gold need to clean buyers before plus 1300...
XAU/USD at a very importat point.On the monthly chart XAU/USD is about to break throuh the trendline which is more than 1 year old. It has bounced off the 50% retracement mark. For very long term purposes the trend is still up.
Although, before taking any long postions on Gold. I would wait for a potential whipsaw/manipulation of the price once again to take the gold bugs out of the game. A high probability exists of a whipsaw back to the 61.8 retracement level is there. At that level manipulation of price is not possible as it gets below the extraction cost price of gold today.
For long term buyers of gold. I suggest you wait for a full confirmation of the break of trendline and wait for atleast one period (on monthly) before entering into long postions.
If whipsaw occurs I would enter short positions upto 61.8 retracement levels which is the next major support for gold. At that level its a very very lucrative buy for long term purposes.
Are we having another seasonal bounce up soon??As you may know or not, Gold use to have a seasonal drop Nov-Dec then to bounce up Jan-Feb.
Look at the chart and you will see how many times that happened, i am not saying it will happen now again, but there is a big possibility for that. I personally think it may have another drop before we can see a bounce up. In both case i am only looking for buy setups on the daily and 4H.
Gold XAU: Finally Breaking Free!Gold clearly broke out to the upside this week. It had done so before, but a retracement back into the Moving Averages (Balance Zone) was always the result. Now we have this market long on all timeframes the trendtrader wants to buy this on. Let it run now.
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