GOLD

postman

Legendary member
28,361 4,110
At the end of yesterday's session, Gold price had a day of decline when the price fell from 1745 to 1727 ($ 18) closed the daily candle by a bearish candle at 1738. This is the 4th consecutive day in a row. while the precious metal Gold is still in the sideways from 1745-1725. With Gold still in this range, I still hold my personal opinion as in the last few days, we will sell down in this price range and wait for the breakout.
- As I mentioned as yesterday morning's comment. Personally, I am still waiting for a downward sweep of gold precious metal below the price zone that it is going sideways to be able to go up further so today we will continue to sell down precious metals. This is in the 1741-1746 region. Safe target will remain on the 1727-1732 price zone and expect 171x today.
You were correct today I was wrong. Such is trading. 😀
 

bax699

Well-known member
341 63
Good morning all, back on gold again today. Last time i took a trade on gold . we had the same setup buy from this monthly demand zone . The last trade failed to break the trend line convincingly so the trade was closed for 400 pips. We have since seen a lot of consolidation and most recently a drop back down to what looks to be a double bottom . I waited for support to form and this demand zone provided it. Impulsive bull candle so I entered on the candle close. Looking to visit the supply zone above for 1:3 R:R on this position. Easy one to take again GLIYF
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bax699

Well-known member
341 63
Good afternoon all. Checking back on the gold trade today and happy to report currently 282 pips in profit. It will be vital what price action does over the next couple of days as we have just hit that daily demand zone . There is a chance that it could refill there and drop back. If so then get ready to close and bank your profits. If we make it through then we need to watch for the dynamic moving average resistance that it will provide. Two obstacles to watch for but easy enough to react to. Hold for now and make risk free. GLIYF
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Atilla

Legendary member
19,663 3,005

US not considering but have already decided to send the ships.


Gold to get some rocket boosters soon I reckon... Keep buying...
 
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new_trader

Legendary member
6,644 1,466
Yes, do what @Atilla says and keep buying gold...this will really annoy my detractors, especially @deadbroke 🤡 ...not to be confused with dead_broke, she is not one of my detractors.
 

bax699

Well-known member
341 63
Good morning all. Trading week is over, perfect time to look over the trades we have open. Today Gold is the pair, and happy to report we are 391+ pips in profit on this position. We broke the supply zone on the last high. Looks like we have created a little demand zone here so i think we can continue to hold our long position. The dynamic resistance of the moving average is next to push through, if we get through that then I think the bull has taken over and we should see TP hit. Hope you all have a good weekend GLIYF

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Atilla

Legendary member
19,663 3,005

Don't see this getting any better.

Also, not clear what the US thinks it will do to demonstrate resistance.

Poke the bear with a stick so it moves back.

Outcome will be very bad for US. I don't see EU following them into provoking and standing off against the Russians either.

As they say in the movies this sh!t show is about to start, so grab your seats...

Keep buying gold.
 
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ducati996

Newbie
1 0
I would argue that there is still profit available in the Long Gold trade for the following reasons:

(i) $TNX is weakening (falling yield) and will likely lose another 17 basis pts; and
(ii) $CRB has turned up against $TNX; and
(iii) As DXY is no longer supported by an increasing yield $TNX, GLD/DXY is showing strength; and
(iv) $CRB/$TNX has potentially found support.

Not confirming:

(i) $CRB/SPY. However, SPY is looking increasingly stretched and I would expect weakness in SPY before the end of the week. If SPY weakens, then a further +'ve signal for GLD will be in place.

Gold normally leads the $CRB, which is what we have seen to date. A turn up in $CRB will re-ignite inflation fears in the market. If GLD does continue its current strength, GDX and GDXJ will outperform based on their increased leverage.

In either scenario, you would then expect Tech. (XLK) to struggle. If rates do fall ($TNX) then I would also expect financials to correct (XLF).

jog on
duc
 

bax699

Well-known member
341 63
Good morning all. Checking back in on our GOLD buy trade. Price broker higher then the previous lower high before the support formed at the double bottom . It has now create da higher high and what looks to be a higher low. The moving average is providing dynamic resistance as we can see price accumulate positions at the price level. Still 390+ pips ish as last time I updated but over the next couple of days will provide us with the direction it will be moving in. Hold for now will update again in a few days GLIYF
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Atilla

Legendary member
19,663 3,005
Russia announces black sea exercises and US withdraws two destroyers.

Good to step back.

Provoking the bear has only seen situation escalate.

Right move for US. Also pulling troops out of Afghanistan. Stupid numpties fighting turban heads on donkeys. US I'm sure feels proud of great work and accomplishment

UK pulling out too. About time.

I'm guessing US now in charge of drug opium trade from the far east. Who knows?
 

bax699

Well-known member
341 63
Good evening all. Markets start again soon so a little update on our Gold buy trade. Currently going well, market structure has formed nicely for the buy to continue. Currently we are 700 pips up on this position. Move SL into some profits to secure the bag. As with Gold you never know and it could quite easily turn on us. But I think TP could very well be reached for us, breaking and closing above the moving average is a nice sign. If we reach TP then close half position, just incase we do get a bigger bull push, weekly demand is in control so we could see good movement upwards. GLIYF
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Atilla

Legendary member
19,663 3,005
Don't see gold coming off the boil with now the UK sending also sending sniffers to the black sea.

One Type 45 destroyer armed with anti-aircraft missiles and an anti-submarine Type 23 frigate will leave the Royal Navy's carrier task group in the Mediterranean and head through the Bosphorus into the Black Sea, according to the report.

RAF F-35B Lightning stealth jets and Merlin submarine-hunting helicopters will stand ready on the task group's flag ship, the carrier HMS Queen Elizabeth, to support the warships in the Black Sea, the report added.


Show solidarity means to watch and do nothing.

Then there is the China v Taiwan ding dong going on. No need for false enemies and terrorists to justify defence spending anymore. Common enemies are identified to justify defence spending.

Beating war drums always positive for gold imo.
 

new_trader

Legendary member
6,644 1,466
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bax699

Well-known member
341 63
Good morning all. Checking back in on our Gold buy trade today. Currently 810 pips up on the position. We aren't far away from our projected TP zone. Its looking good for a bull run medium term at least. We have broke above the moving average and creating higher lows and higher highs. I would move your stop loss into profits to secure yourself profits. But don't set a hard TP just yet, as its possible we could move past the TP zone and go higher, so I will keep updating and we will keep moving up the SL into more profits the higher it moves in our desired direction. Enjoy your weekend knowing you've secured a big bag of pips. GLIYF
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bax699

Well-known member
341 63
Good afternoon all, checking back in on GOLD today. Price has been in consolidation for a few days now. I've trapped price in this bear flag which we can see here. I'm thinking the next directional bias is being accumulated currently before we see a breakout. I still think we are heading north so if you're still holding just make sure as always you've secured some pips for profits. Even if we break below and your SL is hit then there is good demand below where we can re enter. Watch for now see where it takes us GLIYF

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