[Triggered] Gold is Bullish - We look to Buy at 1704
▪️ Price action has posted a bearish Hanging Man and is negative for short-term sentiment. ▪️ Expect trading to remain mixed and volatile. ▪️ With our medium term bias looking to buy dips and the short term bias indicating selling interest we are faced with mixed signals. ▪️ Expect trading to remain mixed and volatile. ▪️ The reaction lower is negative, however, we view this as an opportunity to set longs in line with the overall bullish move higher. ▪️ Preferred trade is to buy on dips.
Update 1: The move to 1704 triggered our long trade
if you look at the four hour chart, didnt it indicate double top?
Signal_Centre
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@ibnuaminuddinthe2, Thanks for your comments. Which time points are you taking for the double top exactly? Can you share your chart?
foxtrot123
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@Signal_Centre, urm currently viewing the chart at MT 4 so couldnt share it here. im just browsing the ideas section and happen to stumbled upon yours. the two double top point are at 23.04.2019 (21:00) and also on 14.04.2019 (17:00).
P/S: I am also cheering for the gold to go up but then the double top is quite concerning for me to go long
Signal_Centre
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@ibnuaminuddinthe2, Thanks for that. This has helped me understand what you are looking at. A double top is confirmed when price breaks below the low-point in between the 2 peaks (or highs). In this case a double top will be confirmed if price breaks below 1661. I will try and attach the chart to show you. Until this point, it is only a potential double top.
Signal_Centre
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@Signal_Centre, Another thing to add is that this is an intraday trade idea so it is focused on shorter time-framed analysis and price action. Thanks for the interaction and I hope this has helped.
foxtrot123
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@Signal_Centre, ahh thanks for the clarification, so you would reckon that the price gonna reach 1725 in shorter term right?
Edit: Given the current global economy condition i would say a break under below 1661 is highly unlikely and i think the uptrend
Signal_Centre
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@ibnuaminuddinthe2, As per trade idea above. Again, bear in mind this is good for the day only. I agree and am bullish on the medium/longer term - the main thing is getting the timing right (as always)
@Signal_Centre, hey whats your verdict on the gold atm? It has difficulties breaking the 1712. Twice already for today kinda frustrated it didnt break above. That timing for the announcement of us gdp tho
Signal_Centre
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@ibnuaminuddinthe2, Very frustrating, focus seems to be elsewhere at the moment. I remain short-term (next few days) positive whilst we are above 1690.