Xau_usd
gold is preparing to fly high gold is preparing to fly high after breaking the daily correction channel the fisrt target is the last high at 1280 $
Gold long term viewthis is a long term view of the Gold.
Now we are in the B wave of a correction.
It seems that for years we won't have huge impulse moves.
XAUUSD _ Valid Head & Shoulders Pattern Potential reverse at the mentioned zone due to valid Head and shoulders pattern and valid Three drives pattern in lower time frame
XAUUSD (This is the End my only friend - The End) Look what we've got based on Monthly descending bullish channel
1M: Bullish channel (not wedge) resistance sustained
1D-4h: Reverse price bar on 1D with DIAMOND TOP and H&S, SHS or Head & Shoulder figures formed on top for reverse and move the gold to new low
Some details and multiple timeframes charts would post later
XAUUSD potential short (GOLD)Gold currently moving sideways. We have a potential Bat pattern.
Entry at 1258.16
RSI currently in overbought region.
Minor and major structure confluence
XAUUSD-Down TrendIf Price goes down and break 1225, it can be Wave #3 and our targets are:
TP_1: 1214
TP_2: 1201
TP_3: 1184
TP_4:1136
GOLD : SHORTNow it confirm that Wave 5 is end.
Trading Plan
Wave A : Look at the head and shoulder pattern and it is confirm that go down.
Wave C : Go down for a long way.
Gold H&SLooks like gold is carving out a head and shoulders pattern. Although the most likely neckline for this pattern is near 1220, I would need to see a break below 1191 support before expecting further downside.
XAUUSD_ Expected bearish Gartly pattern Potential Short opportunity due to what is mentioned in the chart .
XAUUSD WEEKLY CHART - MAKE IT OR BREAK ITWith all the NIRP's and ZIRP's flying around in an economy based off fraud and debt, this was expected, and now we have the start of the technical indicators to back it up :)
With the history of miners leading the commodity in moves, I'm expecting gold to make a move higher (see GDX charts):
- We again have the bull flag being made, with any bearish attempt to "fill the gap" back down to 1180 being stunted 1200
- Our 'medium' channel from 2013 has been broken, re-tested, and remained bullish
- We are at out 23% fib retracement (same that GDX just broke through) from our big move down from our ATH in 2011
- We are also one move away from recent solid price action (black horizontal lines), which was similar in the GDX as well
- If these are able to break tomorrow, 1300-1400 is our very short term goal
- After 1415 you only have 1485, and 1568-1600 as price action areas, which is a very nice, large gap to be filled
Feel free to comment with questions or ideas :)
Happy Trading!
XAUUSD DAILY CHART - MAKE IT OR BREAK ITWith all the NIRP's and ZIRP's flying around in an economy based off fraud and debt, this was expected, and now we have the start of the technical indicators to back it up :)
- Just as the GDX, we have a beautiful parabola, followed by an attempt to go to 1180, which was rejected by the bulls
- This creates the bull flag / pennant that was see now, which was just broken out of to the upside
- By finishing this day (April 11th) above the 23% fib retracement, I believe we have invalidated any head and shoulders pattern, as the left shoulder failed to do this
- This is vital, for if we drop lower from here, that is a classic Head and Shoulders pattern, which would launch us to 1180 no problem, so this is why it is a "make it or break it" time for gold ...
- We are out of our 'middle tier' channel, and back into a smaller and much weaker channel
- This leaves me with some concerns but the same thing applies as to the GDX;
- If it can break and hold above this channel and price action of 1270, that's when we should see the confirmation of a bull market, short term at the very least
Feel free to comment with questions or ideas :)
Happy Trading!
GDX DAILY CHART -- MINERS BREAKOUT, CASH WONT BE KING FOR LONG With all the NIRP's and ZIRP's flying around in an economy based off fraud and debt, this was expected, and now we have the start of the technical indicators to back it up :)
I was expecting it to retrace down to the 17 area to "fill the gap"
Instead it created a bull flag / pennant , and then in 3 days , broke out of our channel and above price action
All very bullish signs, even with the 50 and 200 ma quite far behind
Tomorrow (April 12th) I will be looking for a retracement of 22.16, which if it can hold, is where I buy more miners
- If it doesn't retrace at all I will simply buy in before the day ends, as I'm a firm believer in price action
Feel free to comment with questions or ideas :)
Happy Trading!
