On May 9 I highlighted the wedge GOLD found itself in.
On May 14, price had broken the wedge and looked to break to the upside.
However, my caveat was that to confirm the breakout, we needed to see price stick around at the new highs it had more, or retest the trendline from above.
GOLD's breakout of the triangle it formed was quite something. First, what appeared to be a fakeout to the upside, catching the bulls a bit early. Then collapsing back into the triangle.
Price threatened a downside break, and then picked itself up, broke up again (and retested) and then promptly took out the $1325 target I had drawn in.
Friday's candle looks a...
Hi all ,
I'm opening a sell on this pair , as we are still in the range of our H&S pattern i drawn out on my previous post . This is an aggressive entry , as price is a few pips away from the key resistance level i would have love to enter from , But with a stop just above that , the r:r looks okay to me .
A downside move that will push below $1311.55 will put pressure on the bulls, with no real support until $1307.30
Do not open short position if the price pushes above 1314.50, wait for a Strong resistance level
USDJPY forming a descending triangle on the four hour. Managed to hit large quarter point at 110, but each challenge led to higher lows consistent to the counter trendline. It seems like price action peaked above the 61.8 fib level, and no longer has bullish momentum. A reversal trend is imminent, most likely when price...
XAUUSD is approaching our first support at 1328.73 (horizontal overlap support, 76.4% Fibonacci retracement) which coincides with our short term ascending support line. A strong bounce might occur above this level, pushing price up to our major resistance at 1340.80 (61.8% Fibonacci retracement, 61.8% Fibonacci extension).
Stochastic (21,5,3) is also approaching...