GOLD

bax699

Member
53 45
Gold , has been very interesting lately. We have seen another huge push up in price to over the 1600's. this seemingly opens the doors for new highs.
But before we establish its place in the upper prices we must find new support first. Where will that be?
Its possible we could see another bull flag form like previously before the last significant push up, my guess would be this. But with gold you never know. Ive marked out some key areas where we could possibly get a nice buy position in, the suppport on the .382 fib then there is two nice areas of confluence on the 0.50 and 0.618 fibs that meet the long term trend. These would be ideal and most likely strong in the zone. Double top looks ripe for the drop currently with rejection happening. Stay light stay focused and remember patience pays
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bax699

Member
53 45
GOLD . Its Sunday and today reflecting on the insane movement we saw from gold the last couple of trading days last week. I think that move could of been the current top for now. As you can see from the fib levels the last consolidation move was at the prefect 50% rest stop before the next push.
It looks like a reversal sign on the 4H TF but obviously we never know. Surely we should see some sort of sell off from the extreme movements we saw.
An ideal scenario would be for it to revisit the .618 or back to the 50% to collect alot of buyers stops that jumped in with FOMO, it has multiple confluences with the test of the break and the touch of the longer trend. i will certainly be buying round those areas if it comes back that far. this recent push up certainly opens up the door for more upside movement, and possibly towards all time highs. Lets see where its heading next week. But be ready
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bax699

Member
53 45
*BEWARE Market Crash* Check out aud nzd and jpy pairs this morning. Crazy moves yet again with another flash crash. With that being said time to look at gold again as its been a while. Looks like it touched 1700 and rejected for now and formed a double top M formation. Ill be looking for it to drop back to 1575 areas at least before i place any buys. possibly even a little lower to the next fib around 1550. Stay safe out there everyone the markets are going to be wild for a few days coming.
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Pat494

Legendary member
14,215 1,469
The hedging against a virus induced downturn of economies could send gold even higher imho
 

bax699

Member
53 45
Last time i looked at gold , i suggested the double top M formation at 1662 for the sell back down to 1575-1550. we have achieved this move now with a gain of over 1000 pips. As you can see price rejected from the long primary trend and just above the .618 fib level. But what will happen next? will we see a further push down, or will we hold support around this area before the next push upwards. i have taken the day off trading today to protect my weeks profits and not potentially get caught in a trade on a friday over the weekend. Otherwise i would of bought at the level it dropped too. Stay safe if your trading, hopefully some of you caught the bottom and got a cheap price for gold . Wild week we have had, enjoy your weekend everyone
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bax699

Member
53 45
Saturday and time to reflect. Looks like most of the world is on lockdown now and rightfully so. This virus is proving to spread very fast. Back looking at gold today as its been a while. Couple of weeks ago i was suggesting selling from the 1662 area marked in red. We had the double top and M formation, along with bearish divergence on the daily, very strong confluences. I thought we would only get down to the 1544 area a the bull has been so strong. But nontheless we dropped alot more all the way down to 1451. So well done if you took that sell you made a nice few thousand pips there. The 1451 support level looks to of been the bottom for this pullback and price closed friday above the .618 fib level We could see some ranging action around here before the next move up, that would be my guess. The uncertainty of the corona is causing alot of volatility in the market so we need to be safe. Always remember to buy gold at the cheapest price possible. Enjoy your weekend GLIYF
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bax699

Member
53 45
Checking back in on gold today. Weve had some rapid movements lately. The big drop followed by another big push upwards. So my thoughts are that we may see a little consolidation phase like we saw to the left. Its possible we could range between the .786 fib and the support of 1545. But im also inclined to buy from the trend line in the blue circle. But either way im still bullish on GOLD so will be looking to buy the dips. For once this looks to be an easy setup at first look. GLIYF
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