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GOLD - Support Rejected✅ Now Approaching A Resistance!Hello TradingView Family / Fellow Traders. This is Richard, as known as theSignalyst. As per my last analysis, we were looking for buy setups around the 1675 - 1700 support zone Now What? GOLD is approaching the upper orange trendline acting as a non-horizontal resistance. Moreover, the zone 1750 is a support turned into resistance. Thus, the highlighted purple circle with the red arrow is a strong area to look for sell setups as it is the intersection of the green resistance and upper orange trendline. As per my trading style: As GOLD approaches the upper purple circle, I will be looking for reversal bearish setups (like a double top pattern, trendline break , and so on...) Always follow your trading plan regarding entry, risk management, and trade management. Good luck! All Strategies Are Good; If Managed Properly! ~Rich
OANDA:XAUUSD
by TheSignalyst
11
We Want Our Safe Haven Back! Up!🥇Hello TradingView Family / Fellow Traders. This is Richard, as known as theSignalyst. For those who know me well, know that I am a big fan of Gold, not as a long-term investment like I approach stocks and crypto, but as a backup plan if things go sideways. By Gold, I mean physical, tangible Gold🥇. I regularly purchase an ounce every couple of months, depends on my budget, and stack it somewhere safe. I learnt this habit from an Armenian friend. Shoutout to Armenians, you know exactly what I am talking about. Now let's get back to the charts 😁 As per my last two analysis, we have looking for buy setups as Gold was approaching a support zone 1675 - 1700 Gold rejected our support zone and ended up closing bullish for the week. But the question is... are you finally bullish? Not Yet❗️ For the bulls to take over from a long-term perspective, and as per my trading plan / style, we still need a new major high to form. and then, a break above: i- this new major high (projection in purple) ii- 1750 - 1760 zone iii- upper orange trendline then, we will be expecting a shift in momentum from bearish to bullish📈. Always follow your trading plan regarding entry, risk management, and trade management. Good luck! All Strategies Are Good; If Managed Properly! ~Rich
OANDA:XAUUSDLong
by TheSignalyst
22
GOLD and JPY Correlation!Hello TradingView Family / Fellow Traders. This is Richard, as known as theSignalyst. We all know that GOLD and JPY are usually positively correlated. Means when Gold goes up, JPY pairs goes down due to JPY strength. Gold is currently sitting around a critical area 1675 - 1700 zone that has been respected since 2020. Here are the possible scenarios: 1- Rejection (blue projection) Gold rejects the 1700 support zone and trades higher. In this case, we will be expecting a reversal bearish movement on USDJPY. The next resistance for would be 1760 while the next support for USDJPY would be 135 2- Breakout (purple projection) Gold breaks below 1700, in this case an over-extended bearish movement would be expected. On the other hand, a continuation to the upside would be expected for USDJPY to test the 150 supply and upper brown trendline. Which scenario do you think is more probable and why? Always follow your trading plan regarding entry, risk management, and trade management. Good luck! All Strategies Are Good; If Managed Properly! ~Rich
OANDA:XAUUSD
by TheSignalyst
26
GOLD - Strong Rejection Ahead!Hello TradingView Family / Fellow Traders. This is Richard, as known as theSignalyst. GOLD is overall bearish trading inside our orange channel, however , it is approaching a strong support area 1675 - 1700 Moreover, the lower orange trendline acts as non-horizontal support. Thus, the highlighted purple circle is a strong area to look for buy setups as it is the intersection of the blue support zone and lower orange trendline. As per my trading style: As GOLD approaches the purple circle, I will be looking for reversal bullish setups (like a double bottom pattern, trendline break , and so on...) Always follow your trading plan regarding entry, risk management, and trade management. Good luck! All Strategies Are Good; If Managed Properly! ~Rich
OANDA:XAUUSD
by TheSignalyst
26
📊 MTL is showing potential. Is it real?Hello, dear TradingView members. This idea is an MTL analysis. MTL has made a 9% ascending move in the market. Let's analyze the two bullish and bearish scenarios. RSI crossed the border to 75 and showed overbought signals, and now it has pulled back into the range. Usually, when this happens, the price pulls back down. But since the price is moving on a support/resistance area, we might experience consolidations here. However, in this case, RSI is trying to move back up because there are no sell volumes. Scenario one: A breakout: If the price touches the support and pulls back up and hits the first resistance, it might touch the second resistance I've shown on the chart as a target. Scenario two: A fake-out: The price will move a little while on support and then fall back down below the support level. The Bollinger Bands are still wide, and the middle band has helped the price as a dynamic support zone. The Speedometer indicator shows Neutral volumes on the market for MTL on a 1D interval. Let me know if you guys have any questions; I will be more than happy to help. Good luck, and thank you.
by ShawnMCR
7