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Gold Approaching Channel Support

The Bullish trend in Gold caught quite a few by surprise in February. Though after slowing momentum and consolidating in March, the precious metal seems all but forgotten in April.
The Chart below shows a channel around the consolidation that we have been seeing as we are on the verge of potentially making a big bullish break.
Tomorrow's price action will be crucial in determining the direction in Gold. A close around these levels would setup a very bearish weekly candle.
Will be looking for a s…
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Metals Update

Yesterday I blogged about a potential long opportunity and several key technical areas in the metals.
There was an interesting article that I came across since then, which adds more conviction to the trade. This was published by Reuters on July 7.
UPDATE 1-U.S. Mint sold out of silver coins due to strong demand
Follow the link to read the full article. The most interesting part of the article was this
This is the second time the mint has sold out of silver coins in the past nine months
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Shinga avatar
Shinga 9 7月

interesting Jignesh

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Establishing Gold & Silver Longs for a Swing Trade


There is a technical setup in Gold I've been keeping a close eye on for the last few years. Monitoring the wave structure trying to catch a good level to go long.
According to the wave count in Gold, the bottom has already taken place on Nov 5th, 2014 @ 1130.
Since then the price has seen a bullish move and a deep retracement.
The charts below show the setup and wave counts.
Figure 1 - XAUUSD Daily holding it's trendline and key 88.6% Fib Level

Figure 2 - XAUUSD Daily Wave Count

Th…
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Gold to Continue Bearish Trend

Gold is in a long term down trend and has seen some bullish momentum to start the year. The shiny metal has approached some resistance however and the wave count shown below indicates a turning point.
The metal should be under pressure for the month of February, but as the daily trend is currently bullish, dips may be bought causing some volatility to the downside.
Levels
1307.47 - Jan High
1301.00 - Jan Daily close High
1282.88 - Fib Retracement - 50% (1132.08 - 1433.70)
1265.95 - Fib Re…
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SalviLeana avatar
SalviLeana 30 1月

Good job ! Great

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Jignesh 9 2月

Gold has already surpassed the target on the back of a strong NFP number that took out several support levels.  Currently sitting just Below 1240, the pairs looks like it has just broken a flag patter and looking to retest lows

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Jignesh 25 2月

Gold looks like it may have made a bottom here at 1200.    It has surpassed the targets.  We can see some bullish movement into the end of the month, but reaching targets with 2 days left does not look likely

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Divergence in Gold and USD

Often we hear trader's talking about inefficiencies in the market. Well the current price action in the USD and Gold is a great example. Looking at the existing monthly candles (which are just starting to form), we can see that both are developing some green candles. It is extremely rare for Gold to rise as the USD is breaking to multi year highs.
As Gold tests against resistance at 1208, the USD is also at near resistance as well. The trend however shows Gold moving against the trend, leaving t…
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MobNaga 11 12月

i love divergence:)

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Gold showing some struggle at key psychological level 1200

After making a big push lower, Gold is showing signs of struggle taking out the 1200 level.
This area is a major support zone with the pair having been bid up several times from this area over the years.
On the smaller cycles, the pair has already broken a minor trendline. As well showing divergence in RSI as indicated by the eclipse.
Is the metal looking to bottom once again in this area for another leg higher?
XAUUSD - 1H Chart
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Eyes on US Dollar Index

The US Dollar Index is once again at a key technical level.
The 82.97-83.00 area marks an area that makes the first leg of the up move a common fib proportion to the second leg.
So far the 4H chart shows the price is contained by this area, but has not show any kind of major pull back as of yet.
This key area can potentially mark an area where the long awaited pull back in the USD can occur, and potentially last through out the month.
In other correlations, Gold has broken through it's daily tre…
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Gold Update

The Gold Trade that I had posted about previously is coming along really nicely. If you have not seen the previous posts, please click on the links below
Anticipating Breakout In Gold - May 22
Gold Charts & Analysis - May 23
The trade setup that I discuss, is a triangle, I had a bigger position before the breakout, and have been adding to my position as the trade is panning out. My original trade stopped out, I made a big mistake by moving the stop too soon and too close, but I re opened at a …
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shanziester avatar

wow,  is this real account bro?

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alert me about your webinar. I need to know the buy signal.  I suck at trading gold

dennison avatar
dennison 31 5月

SuperB......sir

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Jignesh 2 6月

shanziester - Yes, real account.  This week my webinar's start at 16:00GMT every day (Mon-Fri).Gold can be tricky, but it actually trades very technical.  This week we will look at levels to short it again for another big leg lower.

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Jignesh 2 6月

Thanks dennison

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