Gold (AUD) daily- Rising WedgeGold (AUD) daily- Rising wedge, inside a Broadening wedge.
60% of downward rising wedge breakout. 40% upward breakout.
Larger Broadening Wedge pattern- 80% of upward eventual breakout.
XAUAUD trade ideas
Gold (AUD) Daily chart- Ascendening Broadening Wedge. Gold (AUD) Daily chart- Ascendening Broadening Wedge.
Gold (AUD) daily chart- Symmetrical Triangle.Symmetrical triangles as part of lead uptrend, tend to bias bullish breakouts.
The XAUUSD is going to shortAfter a double top in the 4hr there is a Gartlley pattern on 1 hour that suggestive to short.
I will go down to 15 min to see price action on the 76.8 fib and take a 1:2 trade.
GOLD/AUD - $2,800 Fib Target Within SightQuick update on GOLD/AUD
We appear to be chugging along in a relatively undisturbed uptrend, the Fib extension targets from the April-August 2019 wave higher are pitching a potential point of resistance at the $2,800 mark as this coincides with the 1.27 extension. With a potential overshoot to just shy of $2,900 (based on Keltner channel targets)
Technicals:
~ Macd is bullish and is crossing above on the daily
~ Daily RSI appears to be congruent with the move higher, with no significant divergences, the monthly RSI however, is quite overbought at press time, but is confirming the higher highs
~ Price recently checked in with the 50 ma, so there is still ample room to move higher before a more substantial pullback
~ Price appears to be respecting the 21 ema
~ Looking to the monthly, price has come quite detached from the 10 period ma, suggesting that some mean reversion is on the cards, either by way of price falling, or a period of consolidation to allow the moving averages to catch up
Overall GOLD/AUD is performing very well and looks set to continue higher, at least to the $2,800-$2,900 range, at that point i would expect some selling pressure which could prove to be an ideal entry point
-TradingEdge
Gold (AUD) daily chart- Following orderly uptrend. Gold (AUD) daily chart- Following orderly uptrend.
Yellow line- 20 day simple MA.
Gold in AUD (daily chart)- Ascending broadening wedge. Gold in AUD (daily chart)- Ascending broadening wedge (yellow lines).
According to Bulkowski's chart pattern research- 81% probability of a bullish eventual breakout.
thepatternsite.com
Ascending triangle and two possible outcomesAs we can see, Gold is currently nearing the end of a tightening range which will most likely result in a large move either upwards or down. We recently saw a false break reaching all the way to the 2692 level before promptly returning back to the triangle.
Should we happen to fall down from this triangle, i will be targeting the Fibonacci golden pocket at 2510 approx.
On the other hand, if we experience a breakout then I will be going long with an initial take profit set at the recent high of 2692.
Either way there is huge potential in the days to come, good luck everybody!
GOLD/AUD - Short Term LongI have not published in a long time. Lots of hours in the trenches, and with a friend we are testing a new oscillator combined with price action that is working well.
This trade was taken on the m15 time frame, TP set at previous H4 structure.
You'll be seeing a lot more posts of my entries moving forward trying to keep the charts as clean as possible.
Gold daily in AUD- Rising wedge.According to Bulkowski- 60% probability of downward breakout, 40% of upward breakout.
As for downward breakout for a falling wedge, one of the worst performers, with 72% probability prices will retest breakout point (throwback).
As for upward breakouts for falling wedges, far more likely to be fruitful with far better performance, according to Bulkowski.
XAUAUDWITH the AUDUSD falling sharply south of 0.67 gold flying north of 2000 and faster than all gold pairs
gold will be freely flying again
these are new conditions we are not used to...
best wishes
Nidal AlZubaidi
