GOLD

bax699

Active member
137 49
Friday today everyone, day to unwind and reflect. Ive had a good week trading, so i wont be trading today. But ill still be looking for future opportunities. Gold is giving us the pullback currently. Last time i looked i was selling the divergence. We got a drop but then we got an instant bullish movement again. We created a double top M formation, which was still divergence from the RSI . So this was an easy sell again. i hope you all caught this move, i caught some and ive taken profits already as i was scalping this time. But ill be looking for longs in the circled level areas. ideally the blue circle i would like most, but it depends on how strong the Gold Bull is and how far we move down. Be ready GLIYF and RM as always. have a good weekend

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bax699

Active member
137 49
GOLD- Been a while since weve had a trade on gold . There hasnt been many places to get in on the buy that i would of liked. The bull is very strong in gold with the ongoing pandemic, what i would need to take a trade is a nice sizable pullback in price. We could do with some profit taking on current longs before another bull push, as many predictors suggest $2k in 2021. Wether that will come who knows, but my idea to buy would be a similar price action as seen before. A pull back in price to the .382 Fib level and to meet the moving averages as seen previous. This would be an ideal buying opportunity for us. Doesnt help USD being so weak of late but lets see what can come of it. New week begins have a good one everyone. GLIYF
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Pat494

Legendary member
14,447 1,527
Anyone interested in digging gold out of the ground ?
There is an excellent programme on every night at 7.00 pm channel 144 about the gold diggers of Western Oz.
At the bottom of the food chain are people with metal detectors scouring acres of outback desert and some with a lot of machinery ,like escavators, bull dozers etc. Because there is a shortage of water they use expensive air blowers to find the nuggets.
Mostly on the edge of bankruptcy but hoping for a huge gold nugget to get them solvent again.
 
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bax699

Active member
137 49
GOLD , has defied logic, but been magnificent. Weve hitall time highs in over $2K per ounce of the gold stuff. The bull looks strong and with all the trouble in the world whats going to stop it? Not much in my opinion, i think it will keep going as its a physical entity against all the new crypto coming into money and fiat money becoming more and more manipulated and worthless. Question is when can we get in on the buy? im looking for the same type of price action as last time, ideally i would like a deep retrace here to the .618 fib level and gain some support from the moving averages. Thats when ill load up longs. You could potentially buy now but go in with even smaller positions than usual incase we do get the deeper retrace, big reward on offer the cheaper you can get in on price. Buy gold as cheap as possible is my opinion. GLIYF
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postman

Legendary member
25,620 3,131
GOLD , has defied logic, but been magnificent. Weve hitall time highs in over $2K per ounce of the gold stuff. The bull looks strong and with all the trouble in the world whats going to stop it? Not much in my opinion, i think it will keep going as its a physical entity against all the new crypto coming into money and fiat money becoming more and more manipulated and worthless. Question is when can we get in on the buy? im looking for the same type of price action as last time, ideally i would like a deep retrace here to the .618 fib level and gain some support from the moving averages. Thats when ill load up longs. You could potentially buy now but go in with even smaller positions than usual incase we do get the deeper retrace, big reward on offer the cheaper you can get in on price. Buy gold as cheap as possible is my opinion. GLIYF View attachment 285677
Gold is a hedge against inflation.
Recessions are DEFLATIONARY.
Gold will fall!

"Buy gold as cheap as possible is my opinion. " Thats my opinion too, so I suggest you sell it now and buy it back in a few years time when interest rates start to rise and inflation rears its head.

Do you have any fundamental reason to buy? I mean, in your own words 'its rise has defied logic'. It would therefore be illogical to buy it now!
 

bax699

Active member
137 49
in my opinion i think we have more upwards movement before a big fall. The fundamentals? lol take a look at the world, its in a mess. Gold is the best insurance policy in the world. It will be backed big time going forward
 

postman

Legendary member
25,620 3,131
in my opinion i think we have more upwards movement before a big fall. The fundamentals? lol take a look at the world, its in a mess. Gold is the best insurance policy in the world. It will be backed big time going forward
Ok I'd rather not risk real money just based on your opinion thank you! I hope no one else on this site would trade based on a random persons opinion either. Especially when their trade is based on 'its defied logic so far so lets hope it keeps defying logic'.
 

bax699

Active member
137 49
Thats what trading is all about. This thread is just my personal opinion. Im not telling you or anybody to do anything. If you blindly just take trades on a random persons opinion then you deserve to lose.
Everyone should do their own analysis.
Instead of trying to pick holes in other peoples opinions why not add your own analysis or opinions to further add more value for anyone reading. i simply dont care what you risk or not
 

postman

Legendary member
25,620 3,131
Thats what trading is all about. This thread is just my personal opinion. Im not telling you or anybody to do anything. If you blindly just take trades on a random persons opinion then you deserve to lose.
Everyone should do their own analysis.
Instead of trying to pick holes in other peoples opinions why not add your own analysis or opinions to further add more value for anyone reading. i simply dont care what you risk or not
I did add my fundamental analysis and my opinion I said Gold is a hedge against inflation, we are in a recession and recessions are deflationary. If you want technical analysis Gold will fall back to $1850 within 2 weeks and after a short retrace will dip below $1650.
Time will tell.
 

bax699

Active member
137 49
ive got it dropping to 1850 myself. In my opinion gold wont trade in the 1600's for a LONG LONG time. lets see what happens in the future. Once this pandemic is coming to an end watch for the next word disaster or war etc etc. it will get pumped
 
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bax699

Active member
137 49
Fridays chart today is gold . I think you would be a brave man to sell gold in this current bull trend we are in. So we look for opportunities to buy in on the trend. Thats what i see at the moment with the moving averages. As you can see price has held very well on the 0.382 fib level and its been ranging between that and the 0.236 level. If price holds here then the moving averages catch up in time then i will be looking for similar price action to whats marked out and give it that catapult to go onto another bull push. Im targeting previous high for a moderate R:R of 1:2. If it comes together we can always hold for more if it plays out that way. Hope everyones had a good week and enjoy your weekend GLIYF
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bax699

Active member
137 49
Update on the GOLD stuff today. Bought in on the fib level 0.382 after the rejection off the moving averages. Currently we are in profits so i have locked this one to risk free with SL at entry. I believe we will see a breakout above very soon. The averages are showing us the way we are heading, they have all caught up with time now ready for the next push. E ven though we have the previous high as TP i would keep holding if we get there as its possible we could make a new high. GLIYF
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bax699

Active member
137 49
Trade closed at break even so nothing lost. Looks like we might finally see some good strength from USD. We have seen price break out to the downside from this little bearish flag . I wont be fully selling until the smaller averages cross the longer term averages. But once they do then i will be ready to sell, which looks what might happen. But where will we go? Ive marked out a couple of likely zones we could see hit. Resistance zones which turned to support on the way up is a nice likely target to hit. Personally i dont think we will see gold trade under 1700 for a long time so the first target would be my prediction before another bull run. GLIYF
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bax699

Active member
137 49
i hope you all seen this setup happen on gold . We broke out below of the triangle which shows us its bearish intention. So as always we wait for a retest of the break. Well we got our pullback, but instead of testing the triangle it broke, it looks to of broker the horizontal support it fell through. This is a textbook simple setup for you all to learn and take, bearish candles on the lower timeframe from that zone is easy to take. These type of setups offer us a nice R:R as we can get a fairly tight stop loss. Aiming for the 0.786 fib, but its possible we could only see the .618 fib level. USD strength could come back into play so lets hold this one for now. GLIYF
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