Gold has retraced to a significant support zone, in my opinion. This zone is formed by the structure and .618 fib. retracement of a bullish swing from 1124 low. Along this support zone, Gold has formed what appears to be a Harmonic pattern. Also looks like a bullish divergence on RSI supports my case for a trend reversal. Im enticed to buy gold here for a position trade. Or wait for the price clearing and retesting of the overhead resistance. Stop loss for the trade would be just just under the support zone. What I am not sure is if this location and bullish signs justify putting on a trade against the prevailing bearish trend.
Comments welcome.
Dan
Comments welcome.
Dan
Nota
Long term view seems very bearish and that bottom would seem to land around $1000 sometimes next year. If the market would decided to have a correction after 11 years.. that would be a good timing and it would line up really nice. The point is. Gold is looking very bearish. So putting a trade on against the trade would require better technical set up than just location. Trade would be shorter in time scope and targets need to be conservative.
Nota
still in a down trend. possible retest of previous support, now resistance, inside bar forming on the daily. will look for a short if breaks to the downside
Dan
PS: this is not a financial advice. simply blog of my ideas I would like a feedback from more experienced traders, and to see how I perform over time)
PS: this is not a financial advice. simply blog of my ideas I would like a feedback from more experienced traders, and to see how I perform over time)
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Dan
PS: this is not a financial advice. simply blog of my ideas I would like a feedback from more experienced traders, and to see how I perform over time)
PS: this is not a financial advice. simply blog of my ideas I would like a feedback from more experienced traders, and to see how I perform over time)
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.