Great stuff here. I personally see Gold hitting the 1700 region to be honest, let’s see. Spreads are crazy on Gold today.
Checking back in on gold today. Weve had some rapid movements lately. The big drop followed by another big push upwards. So my thoughts are that we may see a little consolidation phase like we saw to the left. Its possible we could range between the .786 fib and the support of 1545. But im also inclined to buy from the trend line in the blue circle. But either way im still bullish on GOLD so will be looking to buy the dips. For once this looks to be an easy setup at first look. GLIYF
now it will only increase due to coronavirus
That’s the usual pattern but the virus is about to peak in most countries so I think Gold will fall after we’re over the worst…
I think the “peak” isn’t certain for many countries.
Even the supposed “recovering” countries like China and South Korea aren’t in the clear yet.
Here’s my view on gold…
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Sounds logical, I’m still not buying any though 
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The trend remains bullish while the market figures out the real impact on the global economy of coronavirus pandemic.
Hello all…
The way I see it, gold is waiting for the right time to short.
Monitoring closely on Daily timeframe.
Its Monday start of a new week. Back on our favorite pair GOLD . Im looking at a possible sell from the top again. Weve seen a nice rise again in gold recently but it could be short lived (possibly). What i would like to see is price make a double top , or even slightly higher and complete the bearish divergence with the previous high on the RSI . Obviously price needs to stay below the previous high on the RSI and go higher than the corresponding high in price. But looking for rejections in that area could give us a nice sell back down to the area of the .382 Fib and pick up the uptrend for the next push up. Thats what ill be looking for this week so keep your eyes sharp and GLIYF. Lets have a good week all
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I agree and looks like today might be the day Gold will start descending…
Well we had an almighty push up on Gold recently. Looking at it again today it looks to me like its ready to drop . Weve had some rejection from the divergence, another rejection Doji candle and now the drop looks to be on. Nice 4.8 R:R ratio to be had. Use risk management as always and GLIYF
Gold has stung me again, I can’t seem to read Gold recently for some reason…
If you follow my charts and took the gold sell, then i would advise in taking some profits here and setting your remaining positions risk free or in profit. Weve had over 350 pips since the call so not a bad haul at all. This area it has wicked out from could be a key area it may bounce from. We need to see what happens this week on gold for a longer term trade going forward. Monday is here lets have a good week. GLIYF
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Im not sure what your doing to ‘read’ gold but it seems like you should be using a mechanical system rather than a discretionary one
I am pretty adept at taking gold setups and have been trading it for an eternity - but ask me to ‘read’ what is going to happen and Im totally clueless
It’s not true that you have to read any market to make money at it.
Without looking at the type of charting your doing I suspect your placing too much emphasis on support resistance or trendlines.
As a side note I did actually go short today - but as I’ve said elsewhere on Babypips I often get carried out on a stretcher when shorting.
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To a degree yes i know what your saying.
Im not specifically trying to read the market parsay, im just looking for potential areas where i would like to trade. if it reaches ther then good i will enter a position, if not i wont.
Price will respect support and resistance, and also trend lines. But not ALL the time. but if we catch the times that price does then we can make good % returns. As long as you win more than you lose at the end of the day it doesnt matter what way you trade
Hey bro, great issue! I think that crypto and gold has a good correlation between them because first, the gold’s feature is to be a safe-haven asset like bitcoin as well. Futhermore , silver can be dealing like them if you wanted to put like me. This is like i see cryptocurrencies market and gold and plus silver.
I think I put too much emphasis on the ‘Safe Haven’ aspect of Gold and tend to trade it accordingly when world events dictate to do so, often with bad results…
That’s a very astute observation.
To be good at this business we have to trade what we see not what we think.
Having preconceived notions of how a market should move works against us. Markets are designed to fool as many participants as possible.
I learned this the hard way. Back in 2008 I was heavily leveraged on silver - I thought it would go to $50 during the housing crisis - it got to $49 something.
When I was stopped out (at a very healthy profit) I got back in again. Stopped out a second time for a loss.
Went back in thinking how wrong the markets were - then silver collapsed into the low $20s in 5 days and I held it all the way down.
It was a hard lesson - but I wasn’t alone - many gold bugs are so married to their opinions they can’t see straight.
Besides gold has had a great run I’ve had two trades since xmas netted around 8 * risk.
They will happen again - infact there is a potential move coming monday from what I can see (I said potential - I didn’t say certainty!!)
Hello John Scott, Was just wondering what are you considering the potential move if you don’t mind me asking ( you can answer me after the fact if you prefer) Also I have two demos and the candles can be in different places as in they may be in within the real body of the previous candle on one demo and not on the other but I suppose this is probably normal with alot of forex providers or would you have any recommendations
Cheers John