Normally with a double top I’d expect a drop but with the coronavirus causing havoc in the markets I wouldn’t be surprised to see a triple top form and then a dump down to the 0.618 level as you say.
Fundamentals actually overule technics-the price of gold has positive correlation with the wider spread of corona. This virus now drives everything
Even though gold has been very volatile, the price has found a support around the 1555 level and consolidates just above that level. To the upside, the 1600 level keeps acting as resistance.
Finishing off the week back up the top at the 1584 now. will be looking for a sell of for the start of next week!
I`m more bearish orientated in short term but for sure bullish long term. Down to 38.2 and them some good gains again.
Gold , has been very interesting lately. We have seen another huge push up in price to over the 1600’s. this seemingly opens the doors for new highs.
But before we establish its place in the upper prices we must find new support first. Where will that be?
Its possible we could see another bull flag form like previously before the last significant push up, my guess would be this. But with gold you never know. Ive marked out some key areas where we could possibly get a nice buy position in, the suppport on the .382 fib then there is two nice areas of confluence on the 0.50 and 0.618 fibs that meet the long term trend. These would be ideal and most likely strong in the zone. Double top looks ripe for the drop currently with rejection happening. Stay light stay focused and remember patience pays
Has to start falling soon surely…….
GOLD . Its Sunday and today reflecting on the insane movement we saw from gold the last couple of trading days last week. I think that move could of been the current top for now. As you can see from the fib levels the last consolidation move was at the prefect 50% rest stop before the next push.
It looks like a reversal sign on the 4H TF but obviously we never know. Surely we should see some sort of sell off from the extreme movements we saw.
An ideal scenario would be for it to revisit the .618 or back to the 50% to collect alot of buyers stops that jumped in with FOMO, it has multiple confluences with the test of the break and the touch of the longer trend. i will certainly be buying round those areas if it comes back that far. this recent push up certainly opens up the door for more upside movement, and possibly towards all time highs. Lets see where its heading next week. But be ready
There is nothing insane about the movement of gold. It is a bull market this is how prices can move.
If you’ve anchored your opinion on gold from the past month and half, or the past 10 yrs then at some point you are going to be proven very wrong.
Trying to pick a top in a secular bull market is fraught with danger, and as we are breaking out of a ten year base probably not a wise decision.
I’m a short term trader, so I am not suggesting gold is going to da moon, but until the bull move ends I’ll ride it all I can, without trying to predict where it ends.
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there s a lot of volume on the sell side, and the reaction was bearish, bulls look exhausted for now (short term speaking). i d look for a fake break above the high and sell it down to that fib and the rest to be seen. but for right now, we could distribute(range) and so on. no more buys for me atleast untill some nice volume comes up off the lows and buyers taking over(ofc just my opinion). long run bullish but i wouldn t buy and hold right now and stay red for…period of time.
I’m kinda thinking it’s gonna keep going up now given the latest coronavirus news
Italy gets severe troubles with the virus- actual news. Gold up, EUR down.
BEWARE Market Crash Check out aud nzd and jpy pairs this morning. Crazy moves yet again with another flash crash. With that being said time to look at gold again as its been a while. Looks like it touched 1700 and rejected for now and formed a double top M formation. Ill be looking for it to drop back to 1575 areas at least before i place any buys. possibly even a little lower to the next fib around 1550. Stay safe out there everyone the markets are going to be wild for a few days coming.
I’m still bullish here
Well a couple of weeks back I was saying we may have seen a top and that I wouldn’t be surprised if we saw a collapse.
But as with many predictions I was made a fool of as it moved higher.
I’ve traded Gold for many years but have never seen action quite like this.
What I will say this is not an orderly market at all, daily price ranges are far too wide for my liking.
I certainly am not trading gold until we see some lower volatility and smaller price bars
Also I still think gold sentiment among the retail crowd is far too bullish for a further rise of substance.
But in this environment who knows?
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Yes I still think gold has more UP.
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Gold is the only safe haven as i`m seeing.
Last time i looked at gold , i suggested the double top M formation at 1662 for the sell back down to 1575-1550. we have achieved this move now with a gain of over 1000 pips. As you can see price rejected from the long primary trend and just above the .618 fib level. But what will happen next? will we see a further push down, or will we hold support around this area before the next push upwards. i have taken the day off trading today to protect my weeks profits and not potentially get caught in a trade on a friday over the weekend. Otherwise i would of bought at the level it dropped too. Stay safe if your trading, hopefully some of you caught the bottom and got a cheap price for gold . Wild week we have had, enjoy your weekend everyone
Gold has let me down lately, went for a buy and got stung. Not much of a safe haven at the moment…
It trades as a currency not a safe haven - you want a safe haven buy pasta and toilet paper!!
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