Bullish Long Gold. Below 2560 Mtop selloff

15 Nov

https://www.tradingview.com/x/QceewKYw/

Price is lining on 15m and important daily chart for a reversal in gold

Daily is bullish for a reversal. Oversold. 15m chart will commence with this theme.

Under 2560 is a selloff

15 Nov

Trade aktif

Gold is turning around down here at the bottom of a double top
Buy Gold but wait for 2565 to be taken
SL 2559
TP: will advise

15 Nov

Catatan

I am seeing oversold on all timeframes almost.. The daily chart is looing good for Longs.
You will be getting ijn riight at the bottom
I must stress a BREAK BELOW 2560 will ignite a huge selloff MTOP breah

15 Nov

Catatan

10 second chart shows higher lows and higher highs forming for the setup above 2565

15 Nov

Catatan

A final move down now on 1m and Im hoping for it to pop upwards and through 2565

15 Nov

Catatan

This is the range in price for the past 2 hours on a 10sec.
The 2HR chart I saw price breach an MTOP neckline arouhd 2560 (see chart). This leads to much lower price, but there is usually a bounce at the neckline, that's right a fake out. This is what is happening right now. So I would be cautious with longs, because the MTOP was breached, only by a whisker.
Be careful of Longs. Keep a stop at 2560 at the very least. After a fake out bull run on an MTOP price dives very quickly lower. But as i said it was a whisker the breach of mtop. This is what they do now

15 Nov

Catatan

15 Nov

Catatan

Another breach below 2560 will confirm this is a fake out and price went past the neck of MTOP recently. where price could go then? Easily to 2550 and then test the low 2536

15 Nov

Catatan

Price seems to be recovering and I did suggest go long above 2565. But I made that call before the MTOP on 2hr chart was breached about an hour ago not even just below 2560.
So are we in a fakeout and price will turn lower? Still a bit early to tell.
If you are unsure about MTOP patterns I penned it in.

15 Nov

Catatan

Getting in at these low levels is riskier. But the gold price is still above the 200EMA (bullish still).
What I also like is the Daily chart here in addition to the 200ema being below price.
The Daily RSI and Stochasticss and MACD are pointing to higher prices and oversold price for Gold. But risky buying when the RSI &bStochastic's are at the lower range under 30 and 20 because momentum is still pointing to the downside. But smart money gets in early. On the 2HR chart price needs to break higher out of the double top at price 2578. Once price moves higher from, the RSI & Stoch's on Daily chart I would be $500 will be crossing up through 30 and 20 and price will move up quickly with the extra momentum.
I know I sent an alert earlier to buy at a bit higher price. I honestly did not check that we were in a double top. Patterns will be the first thing i check from now on, also for my benefit.