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Spotgold

Shoulder on Shoulder - Need a dump this Week😥 The past week was complicated, and I don't want to bore you with all the political goings-on, which I hope you're already aware of. I'm a bit short on time right now, but I still wanted to share this perspective with you all. 💁‍♂️ It is Shoulder on Shoulder H&S everywhere! 💡 My concept of a plan: 🧗 Let's climb the Pinky way down 3289 - Actual Price 3271 - 🏁 S1 3232 - 🚪 Pink Neckline entry 3245 - 🤞 S2 & Head of White reverse H&S 3204 - 👀 Pink Start from Left Shoulder 3184 - 🎯 TP 1 - Fibo 1.272 3163 - 🎯 TP 2 - Fibo 1.414 or 3166 3134 - 🎯 TP 3 - Fibo 1.618 or 3154 3120 - 👀 Head of Yellow reverse H&S 3079 - 🎯 TP 4 - Fibo 2 🗣️ Important: FED Chair Powell speaking June 02 Mon at 1 PM EDT What are your toughts about this? Please write it in the comments. ------------------------------------------------------------------------- This is just my personal market idea and not financial advice! 📢 Trading gold and other financial instruments carries risks – only invest what you can afford to lose. Always do your own analysis, use solid risk management, and trade responsibly. Good luck and safe trading! 🚀📊
OANDA:XAUUSDShort
by Wick-Sniper
XAUUSD BULLISH TRADE IDEAChart Patterns Identified: Cup and Handle Pattern (highlighted in red/pink): The left half shows a rounding bottom (the “cup”). The right side forms a descending wedge (the “handle”), typically a bullish continuation pattern. Falling Wedge (inside the handle): The price consolidates in a narrowing range, suggesting a potential breakout. A breakout is projected upward. Key Levels: Support: Around $2,955.111 Current Price: $3,327.259 Resistance: Intermediate: Around $3,500.200 Target (based on breakout projection): $3,733.873 Bullish Scenario: If the breakout above the falling wedge is confirmed (as suggested by the arrow), the price target is near $3,733, which aligns with the height of the cup projected from the breakout point. This aligns with classic cup-and-handle theory. Technical Implication: The setup is bullish and suggests continuation of the upward trend if volume supports the breakout. Ideal entry would be on a retest of the breakout above the handle resistance.
OANDA:XAUUSDLong
by theprofitpioneerzw
Gold: Key Levels to Watch TodayGold is rising, forming a series of flag-like patterns. Only a few hours remain until the FOMC decision, which could determine the next leg of this move or break the short-term cycle, leading to a retest of the 3000 level. Key levels to watch are 3025 as support and 3045 as resistance. On the downside, the first target is the 3000–3006 zone, which includes both the psychologically significant 3000 level and the 23.6% Fibonacci retracement level. On the upside, a breakout could target 3075, aligning with the 61.8% Fibonacci extension level.
OANDA:XAUUSD
by ftdsystem
Falling Resistance Trendline Breakout on 2 hr Timeframe.Hello everyone, i hope you all will be doing good in your life and your Trading as well. Today i have analysed gold chart and found it has given breakout of falling resistance trendline, i am expecting momentum for upside in this. Probability is high it should travel towards our target area. The volume has been increasing, suggesting strong buying interest, and the RSI at 62.32 is in the bullish zone, confirming the upward momentum. Additionally, the MACD crossover adds further confidence to this bullish setup. The ideal entry point is when the price breaks above the resistance at 2,955.16 . Set the stop loss just below the support level at 2,860.96 to manage risk. For targets, consider aiming for 2,965.00 , 2,975.00 , and 2,985.00 , with the final target around 2,995.00 . If the breakout holds, this setup could present a strong uptrend continuation. Disclaimer:- This analysis is for educational purposes only. Please trade responsibly and consult a financial advisor before making any decisions. If you found this analysis helpful, don’t forget to like, follow, and share your thoughts in the comments below! Your support keeps me motivated to share more insights. Let’s grow and learn together—happy trading!
OANDA:XAUUSDLong
by TraderRahulPal
1
Gold Trade Roadmap for Tomorrow (XAU/USD) Monday 22/9/24Gold Trade Roadmap for Tomorrow (XAU/USD) This strategy is optimized for use with Heikin Ashi candlesticks due to their ability to smooth out market noise and provide clearer trend identification compared to standard candlestick charts. Heikin Ashi allows for more reliable signals when paired with the EMA5 cross and lock approach, making it easier to spot trend continuations and reversals. This smoother trend analysis helps minimize false signals, especially in volatile markets like XAU/USD (Gold vs. USD) ------ Based on the 1H and 4H analysis provided, here is a step-by-step strategy to follow for tomorrow. This roadmap includes both long and short positions, taking into account potential price movements and key technical levels. 1. Long Position Setup (Bullish Bias) Primary Plan: Buy on dips and target key resistance levels, riding the bullish momentum. • Entry Points: • Primary Entry: Around 2618 (current Goldturn support). This level offers a good dip-buying opportunity as it aligns with the broader bullish trend. • Alternate Entry: If there is a deeper pullback, look to enter around 2603, which is within the retracement range. • Stop Loss (SL): • Below 2603: A break below this level may invalidate the long setup and signal further downside. • More Conservative SL: Below 2588, giving more room for fluctuations without stopping out too early. • Take Profit (TP): • TP1: 2631 (immediate resistance). If the price reaches this level, it’s a good opportunity to take partial profit. • TP2: 2644 (next resistance). If 2631 is breached with an EMA5 cross and lock, expect a continuation to this level. • TP3: 2658 (stronger resistance). Momentum beyond 2644 may take the price here. • TP4: 2682 (extended bullish target). • TP5: 2699 (an ambitious, longer-term bullish target). Bullish Scenario: • If the price holds above 2618, aim for 2631 as the first target. If EMA5 crosses and locks above 2631, look for a further move towards 2644 and beyond. 2. Short Position Setup (Bearish Bias) Primary Plan: Sell on rejections at resistance or break of support levels, targeting retracements. • Entry Points: • Primary Entry: Short the market below 2618 if an EMA5 cross and lock confirms the breakdown of this support level. • Alternate Entry: If the price reaches 2631 but shows rejection, consider entering a short position at this level, as it may act as a strong resistance zone. • Stop Loss (SL): • Above 2631: Place SL above this key resistance if the price breaks above, which would invalidate the short trade. • More Aggressive SL: For entry at 2603, place SL just above 2618. • Take Profit (TP): • TP1: 2603 (retracement target). The first level where the price might pause. • TP2: 2588 (deeper retracement target). • TP3: 2575 (swing range support). • TP4: 2558 (key swing range target). • TP5: 2542 (extended bearish target if selling pressure continues). Bearish Scenario: • If the price breaks below 2618, expect it to test 2603 first, followed by 2588. If momentum continues, the next levels are 2575 and 2558. Trading Plan for Tomorrow Long Position Strategy: 1. Entry: Look for long entries around 2618 or at 2603 on a deeper retracement. 2. Stop Loss: Place SL below 2603 (or below 2588 for a safer setup). 3. Targets: Start taking profits at 2631, and then aim for 2644, 2658, 2682, and 2699 if momentum is sustained. Short Position Strategy: 1. Entry: Look for short entries below 2618 or if price shows rejection at 2631. 2. Stop Loss: Place SL above 2631 or tighter above 2618 if you enter at 2603. 3. Targets: Take profits first at 2603, and then aim for 2588, 2575, 2558, and 2542. Daily and 4H Outlook for Tomorrow Scenario 1: Bullish Break Above 2631: • A confirmed EMA5 cross and lock above 2631 will trigger long entries targeting 2644 and potentially 2658 and 2682. Monitor the price closely at 2631 for breakout strength. Scenario 2: Bearish Break Below 2618: • If price breaks below 2618, it may head towards 2603 and 2588. Watch for an EMA5 cross below 2603, which would strengthen the bearish move. Key Levels for Tomorrow • Resistance: 2631 (immediate), 2644, 2658 (major targets). • Support: 2618 (current), 2603, 2588 (retracement and swing levels). This roadmap will help guide your trading decisions tomorrow, with clear levels and plans for both long and short positions. Using a 5-minute chart with Heikin Ashi candlesticks can be a powerful combination, particularly for scalping or short-term trend trading in volatile markets like XAU/USD (Gold vs. USD). Let’s break down how and why you might use this setup: Why Use a 5-Minute Chart? • Timeframe: The 5-minute chart is ideal for short-term trading or scalping strategies. It provides fast updates and captures more detailed price movements, which are necessary for taking advantage of quick market swings. • Intraday Trading: This timeframe allows you to enter and exit trades multiple times during the day, capitalizing on quick fluctuations around key levels like 2618, 2631, and others mentioned in the strategy above. • Precision in Entries/Exits: Short-term charts like the 5-minute are useful for fine-tuning your entry and exit points around key support/resistance levels (e.g., 2618 for long entries or 2631 for short entries). Why Use Heikin Ashi Candlesticks? • Smoother Trend Identification: Heikin Ashi candlesticks are great for filtering out noise from the market and identifying smoother trends. This is especially useful in choppy markets like gold, where typical candlestick patterns can be misleading due to volatility. • Trend Continuation: Heikin Ashi makes it easier to spot trend continuations and reversals. For example: • Bullish Trend: A series of green Heikin Ashi candles with little or no lower shadows indicates strong upward momentum, supporting long entries. • Bearish Trend: A series of red Heikin Ashi candles with little or no upper shadows indicates strong downward momentum, supporting short entries. • Reduced False Signals: Since Heikin Ashi smooths out market fluctuations, it helps reduce the number of false signals during volatile conditions, making it easier to follow your strategy. Best Usage of the 5-Minute Heikin Ashi Chart: 1. Entry Timing: Use Heikin Ashi candlesticks on the 5-minute chart to time your entries based on the trend direction. Wait for the Heikin Ashi candles to confirm a trend before entering. • For a long position, wait until you see consecutive green Heikin Ashi candles and minimal lower shadows, ideally after bouncing off a support level like 2618 or 2603. • For a short position, wait until you see consecutive red Heikin Ashi candles with minimal upper shadows, especially after rejection from a resistance level like 2631. 2. Trend Confirmation: After identifying a trend on the 1-hour or 4-hour chart, you can use the 5-minute Heikin Ashi chart to confirm entries in line with the overall trend. For instance: • If the 1-hour or 4-hour chart shows a bullish bias, wait for a trend change on the 5-minute Heikin Ashi chart to enter a long position. • If the higher timeframe suggests a bearish reversal, use the 5-minute chart for short entries when the Heikin Ashi candles turn red. 3. EMA5 Confirmation: Combine the Heikin Ashi 5-minute chart with your EMA5 cross and lock strategy. Use the Heikin Ashi candles to confirm trend direction, and enter once you see an EMA5 cross on the 5-minute chart that aligns with the Heikin Ashi trend. • Bullish Example: Green Heikin Ashi candles + EMA5 cross above a key level (e.g., 2618) = enter long. • Bearish Example: Red Heikin Ashi candles + EMA5 cross below a key level (e.g., 2603) = enter short. 4. Exit Signals: Heikin Ashi also helps in determining when to exit a position. Look for Heikin Ashi candles to change color or show long wicks in the opposite direction (indicating a potential trend reversal). • In a long trade, if green Heikin Ashi candles start showing upper shadows or turn red, this could be a sign to exit. • In a short trade, if red Heikin Ashi candles develop lower shadows or turn green, this may indicate it’s time to close your position. Disclaimer: Trading financial instruments such as XAU/USD involves significant risk and may not be suitable for all investors. The information provided in this strategy is for educational purposes only and should not be considered as financial advice. Past performance is not indicative of future results. Always do your own research or consult with a licensed financial advisor before making any trading decisions. The use of Heikin Ashi or any other technical analysis tool does not guarantee profitable results, and losses may occur.
FX:XAUUSD
by ICHIMOKUontheNILE
Moderate Volatility Hints at Stable Gold with Swing PotentialModerate Volatility Signals Range-Bound Trading for Spot Gold with Potential for Future Price Swings The current GVZ level of 16.16 suggests that spot gold is likely to experience moderate price movements in the near term, with no immediate signs of extreme volatility. Traders can expect stable or range-bound trading for the time being, but the slight uptick in GVZ could be a precursor to future volatility. If the GVZ continues to rise, it would indicate growing uncertainty, which could lead to larger price swings in gold. For now, the gold market appears relatively calm, but it’s important to keep an eye on changes in volatility expectations, as these can quickly translate into more dynamic price action for gold.
CBOE:GVZ
by ICHIMOKUontheNILE
Gold Trend 05/08The spot gold price is losing upward momentum despite the expectations of a Fed. Rate cut increasing The spot gold price went up during the week but fell after Friday's US non-farm payroll report. Looking back at last week, the price broke through the 2400 resistance before the Fed—meeting on Wed. The price kept on rising after Powell's dovish speech, and tensions rose in the Middle East as Iran's leader ordered attacks on Israel in response to the assassination of a Hamas leader. The US released weaker-than-expected job data on Fri., causing gold prices to hit a weekly high and rechallenge the historical peak 2480. However, the market quickly focused on concerns that the US economy might enter a recession. US stocks rapidly fell from their highs, dragging gold prices down to a daily low of 2410, closing the week at 2442. According to CME FedWatch, the latest interest rate futures indicate that the probability of a 50 basis point rate cut in September increased from 22% on Thursday to 95% early in the Monday Asian session. Whether in the gold or stock markets, a rate cut should boost the market. However, despite reaching twice above 2450 in the past month, the spot gold price didn't have any significant new long-buying position above 2450 but profit-taking and new short-selling positions. The market now broadly expects the first rate cut to happen in September. As the first rate cut approaches, it is almost time for investors who entered long for the 'rate cut' concept at the beginning of the year to plan their exit. 'Buy on the rumour, sell on the news' ~ gold prices may still hit a new high before September, but expect a significant correction around the first rate cut! 1-hour Chart > The price still runs within the upward wedge(2). In the S-T, gold prices are supported by the trendline(2.1). If this support is broken, a significant correction may occur, with a target of 2400. Currently, the range of 2450-53 is acting as an S-T resistance zone, while stronger resistance is expected at 2478-80. Daily Chart > No major economic data are expected to be released this week, and gold prices are unlikely to break high. The initial expectation is to work within the range of 2410-80 established last Friday. If you like my work, please give me a thumbs up 👍. Feel free to leave a comment; share your thoughts 🤟. P.To
TVC:GOLD
by 1uptick
XAUUSD Spot Gold sell-off may stimulate a rally LONGSpot Gold has fallen 5% since the Middle East conflicts have lessened at least transiently. Other fundamentals like the Chinese government and indeed its citizens as well as the central banks of several nations buying gold in high volumes support price from significantly falling from here. Supported by volume profile specifics as well as the Fibonacci retracement levels reversing the trend down, I see this as a buying opportunity where other dip buyers will hold the price up and support the reversal. I firmly believe that the day will come where prices of the present would be considered a huge bargain. At this time, they are fair value for sure.
OANDA:XAUUSDLong
by AwesomeAvani
GOLD continues to outperform SILVER On this chart the ratio of spot gold to spot silver is charted over time. The traditional benchmark of 75 is the horizontal black line on the chart. Above it gold is outperforming while below it gold is underperforming. Direction counts. Overall gold has been rising relative to silver since May 23. Gold did underperform as compared with silver from September 22 to the end of 2022. Silver last had any outperformance, in gold's trend down which briefly lasted from mid-March to May of 2023. Silver has considerable industrial uses compared with gold. At present, the ratio is rising making gold the better choice if trading or investing in these to metals for the intermediate or long term. This is especially true because central banks are accumulating gold most especially China whose ambition is to launch a gold-backed new currency.
OANDA:XAUUSD
by AwesomeAvani
GOLD $XAUUSD - Mar. 25th, 2024GOLD OANDA:XAUUSD - Mar. 25th, 2024 Weekly: Bullish Daily: Bullish 4H: Bullish BUY/LONG ZONE (GREEN): $2186.000 - $2280.000 DO NOT TRADE/DNT ZONE (WHITE): $2155.000 - $2186.000 SELL/SHORT ZONE (RED): $2072.000 - $2155.000 OANDA:XAUUSD had strong bullish momentum after breaking out of a previous range and is currently developing a new range at the top of the newly hit all-time highs. Looking to follow price to a further push up as that would be following momentum and trend direction, but there is also the chance of a breakdown into a bearish trend. There is zones shown for each direction as what I would use as safe entry points. This is what I would personally look at before entering trades, everything is subject to change on a daily basis and as I analyze different timeframes and ideas. ENTERTAINMENT PURPOSES ONLY, NOT FINANCIAL ADVICE!
OANDA:XAUUSD
by TonyAiello
Gold Breaks All-Time-High !Gold surged above $2286 per ounce, marking yet another milestone in its remarkable ascent. This surge has persisted for two consecutive trading days, underscoring the enduring strength of the precious metal. The driving force behind this meteoric rise is the mounting anticipation of an imminent interest rate cut by the US Federal Reserve in June. Such a move is expected to exert downward pressure on the US Dollar, consequently fueling further gains in Gold prices. Year-to-date, Gold has surged by an impressive 9.8%, with March alone witnessing a staggering increase of nearly 9.4%. A closer examination from a technical standpoint reveals a bullish breakout from an ascending triangle formation, marked (in blue) which has been taking shape since early 2020. This breakout signals a robust indication of sustained bullish momentum in Gold prices over the long term. For traders, this presents a lucrative opportunity to capitalize on the prevailing bullish bias both in the intermediate and short term. Going along the phrase of "The trend is your friend", a simple trade below may capture any retracement opportunities along this steep surge. Entry: 2218 TP: 2320 (can be partial TP or pull up trail stop) SL: 2149
COMEX:GC1!Long
by phillip_nova
GOLD $XAUUSD - Feb. 18th, 2024GOLD OANDA:XAUUSD - Feb. 18th, 2024 BUY/LONG ZONE (GREEN): $2019 - $2072 DO NOT TRADE/DNT ZONE (WHITE): $1990 - $2019 SELL/SHORT ZONE (RED): $1939 - $1990 (adjustable) Overall on the high timeframes Gold is bullish with supporting structure. The daily timeframe recently broke out of a range to the downside, but is now heading back to a retest of the bottom level of the range (around 2019). Bulls can look for longs around the 2019 level as this would be the breakout area that would not mark this as a bullish trend again. Bears can look for entries: 1. as early as 2019 with a retest of the bottom level of the range and a rejection, 2. currently around the 2012 channel level, 3. but safely around 2001.5 as this was the start of the 4h bullish structure/momentum. Weekly: Bullish Daily: Lean Bearish (until test of previous range bottom level) 4H: Bullish Momentum/Developing Bullish Structure/Bearish Channel This is what I would personally look at before entering trades, everything is subject to change on a daily basis and as I analyze different timeframes and ideas. ENTERTAINMENT PURPOSES ONLY, NOT FINANCIAL ADVICE!
OANDA:XAUUSD
by TonyAiello
GLD the gold futures ETF LONGOn the daily chart GLD is in a volume profile early breakout going above the jagged pruple line representing the top of the high volume area. Price has been compressing within a symmetrical triangle and now has broke through the descending resistance trendline portion of that. What remains to be seen is a retest of that new support line. Of late Bitcoin has ran up and probably taken with it market cap away from gold. ( see my idea on the Bitcoin to spot gold ratio) Now that Bitcoin has topped and is retracing capital is freed up to flow into gold which has been comparitively weaker. I will take a long trade here and exploit the opportunity in the cycle between gold and Bitcoin.
AMEX:GLDLong
by AwesomeAvani
5
SPOT GOLD Zig Zag Long Average Up LONG or NOT ?SPOT GOLD XAUUSD is shown here on a 30 minute chart. This zig zag long trade is a bit more than a day in duration. It is meant for use in a forex trade with 10:1 leverage and then increased upon fluency after some amount of experience. Superimposed on the chart are support and resistance zones of the visible range and the RSI of the given chart time frame. Buy low Sell high is implemented. In forex the lot size for the first trade can be 0.02 and then subsequent buy and sell lot size of 0.01 the zig zagging allows for some compounding while underway and taking profit underway to assure a winning trade. The stop loss can be set and reset while underway by looking at at separate indicators. Beginners need less indicators not more too many and they get stuck into trading paralysis and are uncertain how to proceed and cannot act in a short time which is important trading intraday. This same strategy works on lower time frames such as 1-5 minutes .
OANDA:XAUUSD
by AwesomeAvani
GLD , the gold futures ETF LONGGLD is shown on this 240 minute chart with a falt top triangle drawn with upper and lower trendlines for resistance and support. A volume profile is overlaid. Text boxes comment on the basis for the trade and the use of the relative strength indicator. Price is low in the high volume area confluent with the support line. I see this as a long trade set up and ready to go. Zooming into a 15-50 minute time frame will help find the best entry. The RSI indicator would need to have its time frame settings adjusted I typically use one half the chart time and twice the chart time to get a decent time spread, Gold is forecasted by some to reach $3000 spot price in 2024. Gold and Bitcoin compete for dollar attention. Things will be interesting for sure.
AMEX:GLDLong
by AwesomeAvani
Gold, on its way back to 2000?Gold looks promising to back to 2000 from daily and weekly chart. for entry vise, if you catch the entry at around 1890, the risk will be minimal to catch the wave to 2000. if you are looking a entry from where i see the price currently, i would expect a small retracement to around 1925 before another round of up trend to 1955. 1955 holds a key level for Gold to further move up to 2000. if the retracement after 1955 key point stays above 1945. the momentum to 2000 should be unstoppable.
FOREXCOM:XAUUSDLong
by Remon_T
XAUUSD Spot Gold LongXAU last week had a trend up followed by a double top on July 19 and 20. On the @H chart the trend down seems to have included a drop through the basis band of the Bollinger Bands as well as a crossunder the anchored mean VWAP and then further downtrend until price was outside the lower BB. The current candlestick pattern is that of a morning star reersal patter ( sometimes called a 3 bar play). The Chrs Moody MACD indicator shows a line cross under what was a red negative histogram that has flipped to a tiny green bar. In this context, I believe XAUUSD is setting up to rebound I will long trade it on forex and analyze equities for an entry as well. On XAUUSD I am targeting 1975 in the area of one standard deviation above the mean VWAP but would be very happy to see price reach for the upper BB at 1985.
OANDA:XAUUSDLong
by AwesomeAvani
XAUUSD- Extended View Long Bias Spot GoldXAUUSD on the daily chart has been in a trend down from $2179 since early May when its candle wicks also reached into the zone between the lines two standard deviations above two different anchored VWAPs set at the early and late February high and low pivots. In the past week, Spot Gold pivoted above the support of the aVWAP lines one standard deviation below the mean. The MACD indicator predicted the reversal with a double bottom shown as a green line. Above the current price are the mean VWAP and the confluent POC line of the long-term volume profile at 1959. From my analysis of these findings, I will take a long trade entering @ 1959 targeting first 2000 and then 2060 based on the trending of the aVWAP bands. I may also review the JNUG ETF and have already taken a position in GLD.
FX:XAUUSD
by AwesomeAvani
XAUUSD as we see gold price respond 139 if we get initiative we come into the support we get initiative of f that low that low we should see price responds as well ok once price responds to the upside that's the price response we looking for and that's ultimately the process of initiation that's began ,buying offers but sellers are responding . so the process of responsive and initiative as we approach resistance we see buyers that lifting offers , but sellers are providing more liquidity than the sellers combine that's why we see a positive delta at the high and a negative delta at the low . once price come 144 146 trade location shift in dynamic, after absorption price lift above 148 excess point to opportunity to go long without excess point there is no trade. market through 1970 after bounce of on handle .
OANDA:XAUUSD
by YODA-TRADER
XAGUSD Spot Gold Cup and Handle Bull Trend ResumptionXAUUSD on the daily chart has a long-term cup and handle now in its final formation. Spot gold price has risen above the lip of the cup and is in position to ascend from there the height /depth of the cup for about another $100 on the current price based on the pattern to occur over the width of the cup or about 6-8 months. Any gold related instruments including miners, junior miners, ETFs like GLD, JNUG , NUGT and gold itself on the forex markets should be in an overall uptrend. Any further degradation in the AMEX:USD will further support Spot Gold rising. Using the Bollinger Band oscillator or Luxalgo I will try to buy when XAUUSD is at the bottom of the Bollinger Bands ( Red Histogram is high / Green Histogram is low ) and sell in an opposite fashion with positions on and off to profit from the uptrend ongoing.
OANDA:XAUUSDLong
by AwesomeAvani
2
Gold bugs eye a move to the all-time highGold reached a 12-month high and is within striking distance of its all-time high. Its bullish trend has accelerated on the hourly chart and is now consolidating within a potential pennant pattern, which projects a target around 2065. Incidentally this is just beneath the all-time, which is a likely area to witness a pullback due to profit taking. Volumes were rising during the latest rally into the highs and reduced whilst prices consolidate to show strength in the move. Although a slight negative is that the OBV (on balance volume) has not broken to a new high, along with prices. And given the rally stalled around the weekly and monthly R2 pivots, we are equally on guard for a pullback than we are for the rally to extend. - The pennant requires a direct breakout to remain valid, although the reward to risk is undesirable. - If we see a break above 2050, bulls can seek continuation patterns on lower timeframes towards the 2065 target. - Otherwise, bulls can seek bullish setups around the 2030-2032 support zone or bullish trendline which could provide an improved reward to risk ratio.
FX_IDC:XAUUSDLong
by CityIndex