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Gold gaining strength : Oceania/Asia Thurs. 29th Augt.

https://www.tradingview.com/x/qeHYcpS1/

Please see the zone here where Gold is trying to push through...

Nota

You would need a push through these Tops to be getting in long at this point

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This is a 15 secs Chart showing the strength of buyers coming in at a Topping zone where the price can easily fall back.

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LONG GOLD:
Could be a good time to look for a pull-back and scale in.

Nota

You can see where price has got through this resistance,

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You could still scale into gold at these low levels at these fib retracements.
Buy the golden zone between 38.2% - 50% on this chart

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It was a deep retracement but that often happens.
Stochastics & Rsi Oscillators are showing momentum returning to buying at present.

Nota

It's not entirely the best time of day right now to be buying Gold because most of the world is still asleep. I could see the break in a resistance happening. So I think that you probably got in at a cheaper price than where the Gold price could be a bit later on. For example at the start of London, the Gold price could be considerably higher

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I woke up at 2:30pm Australia time today. I am a terrible sleeper. I think I was buggered from studying Gold and Silver charts during that massive Short. It can be so taxing on the mind.

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The Gold Price seems to be bubbling along okay.
This chart shows the resistance in the near to medium term for Gold.
2531.70 is the price Gold failed to break yesterday.
It's why I went Short somewhere around 2528 because I could see Gold's lacklustre momentum upwards compared to Silver, think of it like a divergence. I could see it did not want to break 2531.70. Then the Stochastics and Rsi gave me its oversold nature & where demand did not meet supply.

Nota

OVERBOUGHT NATURE that should read.

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I see the gold price on a 15m & 30m chart looking very strong right above its 9ema (yellow) and other moving averages.
The next price to take out is at the Top of chart.

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You could put in a Stop Loss (at your entry price from about an hour ago) when that resistance was broken.. to protect capital..

Gold trading will be volatile going towards next months FED decision.

2529 is the next price to beat. 2531.70 is a crucial price to break.

However, there is some resistance ahead at 2523.

Nota

This is a Fib retracement... why i hate stops

Nota

Sorry I hope I never inadvertantly stopped you out.
Price will always retrace and often on a highertimeframe.

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On the timeframes up to 2HR for Gold Rsi and Stochastics is a bit overbought, this would account for this retracement as well.

Nota

Price just bounced off the 38.2% retracement I was watching on a 30m chart.

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Long Gold:
Guys, so far the 38.2 level I see in this 30m chart is being respected as price moves in this rising-wedge. There would be a lot of buying at this low retracement as well. So long as price respects this 38.2 it represents good buying down here.

Nota

This is my analysis from yesterday regarding the Short I recommended at around 2528

Gold looks weak right now. Please see chart.

Nota

I can see this bullish Double-bottom right down on a 10 second chart. Buyers are swarming in.

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buy the break above 2516.80

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As I expected.. on the 30m timeframe the 38.2 level was respected in reference to the pushup we saw in the past couple of hours. The flush occurred under the 38.2 which is very typical before price recovers. It happens fast. I dropped to a 10s timeframe and I saw price recovering with a bullish W/B.
*Trading is risky. Please don't rely solely on my financial advice and trade setups.

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EUR news data was released 5 minutes ago. It did not support the gold price. I am glad I took my SL away. Why I hate Stop Losses. If you can predict the general direction of price. I see them as a pain in the arse.

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It was EUR cpi figures mostly. Often gold will sell-off for no reason. I don't see this having any bearing on the Gold price and it should recover.

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1HR Chart Gold Price
I am in Australia, but I generally keep my charts set to NY time for consistency as I am sharing charts etc.
See here on this 1HR chart from 19:00 Tuesday (NY time) the Gold price sold off at this Double-top and price tracked below the yellow 9ema. Now in the uptrend price is above the 9ema and there is a bullish cross several hours ago where the 9ema has crossed up on the dark blue 50ema. This is even more bullish when it occurs on a weekly or daily chart.

Nota

I gotta step-out for a while guys. I will be back later for NY.

Nota

Before I do .... be aware of this .... USDX has broken bullish very recently.
I said at the weekend that the US dollar would break out this week.
This will contain the gold price I believe.

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Long Gold:
Tempered by a 4am NY time breakout of the US dollar.
We saw a rebalance of the gold price at this very same time.
The gold price will be contained from rising on this bullish USDX

Nota

Please if you have the time, take a read of an article I wrote last weekend in reference to the US Dollar.
regards,
Chris
easy_explosive_trader

USDX Analysis going into next week's Trading. See Weekly-Chart!

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Guy, please keep an eye on the break-above 101.50 of the USDX. It could prove brutal for Gold. Any close move into this zone I have drawn I will be very tempted to lock in recent gold profits.

Nota

Important chart re: gold & usdx currently
This 5m chart shows gold's price action since Wednesday New York session open.
But I mostly draw your attention to Gold's price since 4am 1hour ago when the USDX broke out. I notice the divergence in the gold-price relative to the USDX, that is, USDX broke out and the gold-price is contained in the orange box. That can of course be bullish if price breaks upwards of a rectangle or price accumulating. But I notice that the Gold price has eased off the Asian rally since the USDS broke out on a W/bottom.

Nota

If the USDX breaks right through 101.50 soon a break below this orange rectangle could be very bearish for gold.

Nota

This bullish CUP on a 30m timeframe of the USDX is what could propel the $ through that 101.50 price in trading later today. Gold price should hold up until another breakout in the USDX occurs, my feeling is that will happen during the NY session Thursday.
I must step out now. Back later.

Nota

This will be the issue for the Gold price going up today.
I mentioned earlier NY time 4am the USDX broke out. A break through 101.50 could create a lot shorting in the Gold price. ASDX recently starting to break out again.

Nota

The big candle on this 1HR chart

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