The Gold price is setting up to do either of 2 things. Please...
Diupdate
https://www.tradingview.com/x/ozOrb4yI/
We saw them hunt down as many Long-stops in Gold as they could & to throw further spanner in the works there is a bearish H 'n' S system on the 30m timeframe for Gold XAUUSD. There is also the same in a 15m timeframe however, this particular one on 15 is too wide for my liking from the head to right shoulder. In other words too many bars have accumulated. But who knows, price does not care if they are not perfect structures.
The Gold price would really sell-off if its price retreats down lower an MTOP I think on the 4HR is breached its good night ladies and gentlemen we are going down to near 2400.
Is this likely to occur? Probably not. Here is why...
Price-action is always trying to trick us and the market makers for that matter. The gold price is still above its important moving averages on the Daily timeframe and this is very important to hold the gold price up.
If the right shoulder is taken out soon at about 2523 then Gold is heading North especially on that break at about 2531.50.
Double Tops or TOP 1 TOP2 on the 1,2,4 HR timeframes are notorious for price sell-offs. But when they run out of legs the price always turns back around. That is what could be happening right now. But don't discount that bearish H&S until the right shoulder is taken.
Let's see how it plays out.
Regards,
Chris
*Trading is risky. Please don't rely solely on my setups or financial advice.
We saw them hunt down as many Long-stops in Gold as they could & to throw further spanner in the works there is a bearish H 'n' S system on the 30m timeframe for Gold XAUUSD. There is also the same in a 15m timeframe however, this particular one on 15 is too wide for my liking from the head to right shoulder. In other words too many bars have accumulated. But who knows, price does not care if they are not perfect structures.
The Gold price would really sell-off if its price retreats down lower an MTOP I think on the 4HR is breached its good night ladies and gentlemen we are going down to near 2400.
Is this likely to occur? Probably not. Here is why...
Price-action is always trying to trick us and the market makers for that matter. The gold price is still above its important moving averages on the Daily timeframe and this is very important to hold the gold price up.
If the right shoulder is taken out soon at about 2523 then Gold is heading North especially on that break at about 2531.50.
Double Tops or TOP 1 TOP2 on the 1,2,4 HR timeframes are notorious for price sell-offs. But when they run out of legs the price always turns back around. That is what could be happening right now. But don't discount that bearish H&S until the right shoulder is taken.
Let's see how it plays out.
Regards,
Chris
*Trading is risky. Please don't rely solely on my setups or financial advice.
Komentar
If you trade bitcoin here is my latest analysis and a possible turnaround in price right now to a buy opportunity.
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BUY XAU USD but let's play it safe.
BUY the break-above 2531.75
* Gold is not looking bearish anymore. The right shoulder in bearish system is taken out. Silver is rallying hard. Buy at Market I think is another option certainly buying right now at market price. Standby for stop loss
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Update:
It would be too risky at current price because I am not seeing much momentum through this topping system that is responsible for gold's weakness. So price would possible sell-off and they would hunt your stop down.
If you buy above 2431.75 with a market order on the break or a buy-stop order this will be a very bullish cross and price won't retrace as much.
SL at 2429.95
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Gold price just broke above this huge triangle which exists on a multitude of timeframes. However, there is still the resistance from the topping system responsible for its sell-of earlier.
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Gold has turned from bearish to bullish for me, at least.
A massive bullish Cup n Handle here on the 4HR.
To play it safe a break above 2431.70 because that would nullify all of the double tops preventing any immediate selloff.
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Gold continues its upward trajectory following the last 24 hour correction in price.
Here is the gold price trying, and I think will success, to jump above and out of this massive triangle on the 1hr. Then it needs to take price at 2531.70 and it should have free passage above all the Topping formations which encouraged its sell-off recently.
In other words, Buy the break-above 2431.70 with a tight stop around 2429.90 or conservative 2427.90 with less RR but better chance of not getting stopped.
Komentar
Be aware of a head n shoulders pattern bearish on the 1m and 2m timeframes and topping formations on the lowertimeframes. That is why its still risky buying gold at these levels until it breaks above 2431.70 imo.Komentar
This is my very latest analysis in the Gold price nearly at the start of Asia Wednesday trading.
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