Another very good day ! The orange andrews pitchfork has been broken today and a throw back on the previous high is expected.
If i was bearish, i would short sell gold if it throws back on the previous high (1131). Stop loss if close above 1131
If I was bullish, i would buy gold in case it pulls back on 7MA. Stop loss if close below 7MA. Target is the previous high (1131)
I think that it is a brilliant day for gold. The lower shadow of the candlestick shows that bears didn’t manage to stick gold to today’s low. We are now stuck between 7MA and 20 MA. Technical indicators are still all right but not improving any more.
If i was bearish, i would short sell gold when it throws back on 7ma. Stop loss if close above 7MA. Target would be 20MA
If a was bullish, i would buy gold in case it pulls back on 20MA. Stop loss if close below 20MA. Target is the upper side of the orange andrews pitchfork.
Not good but not terrible either. Kind of sell-off but it can also be considered as a simple pull-back on the black triangle. 20MA is still supporting gold and so are the 50% of fibonacci.
If i was bearish, i would short sell gold when it throws back on 7ma. Stop loss if close above 7MA. Target would be 20MA
If a was bullish, i would buy gold in case it pulls back on 20MA. Stop loss if close below 20MA. Target is the upper side of the orange andrews pitchfork.
Got but a bit worrying. The trend is still extremely bullish but supertrend stopped gold today. Pull-back on 20MA is still expected but it would be foolish to trade this scenario!
Next challenge is to get rid of the supertrend. Stochastic is in great shape. Momentum and Macd look pretty good now!
If you are bullish on gold, you can:
- Buy gold if it pulls back on 7MA. Target: 1145 (next resistance). Stop loss if close below 20MA.
If you are bearish on gold, you can:
- Short sell gold near to supertrend. Target: 20MA. Stop loss if close above supertrend.
I’m personally bullish
Have a good trading day
This is not advice; this is just what I would do.
Fantastic session. Black decreasing trend line is broken. Todays candle stick is a marubozu, which shows how powerful the bulls were. New narrow yellow channel may set a new guidance. Next challenge is to get rid of the supertrend. Stochastic is in great shape. Momentum and Macd are kind of recovering
If you are bullish on gold, you can:
- Buy gold if it pulls back on 7MA. Target: 1145 (next resistance). Stop loss if close below 20MA.
If you are bearish on gold, you can:
- Short sell gold near to supertrend. Target: 20MA. Stop loss if close above supertrend.
I’m personally bullish
Have a good trading day
This is not advice; this is just what I would do.
Good. Today’s candlestick is nice. The lower shadow is very long which means that some traders/investors bought gold while it was cheap today. Stochastic keeps improving, MACD crosses its signal line and momentum rises now.
If you are bullish on gold, you can:
- Buy gold if it pulls back on the 7MA. Target: upper black trend line. Stop loss: if close under 7MA.
If you are bearish on gold, you can:
- Short sell gold when it the upper black trend line. Target: 20MA. Stop loss if close above upper black trend line.
Have a good trading day
This is not advice; this is just what I would do.
Good. Finally, the median line of the grey Andrews pitchfork has been reached. MACD is crossing its signal line and momentum is positive now.
If you are bullish on gold, you can:
- Buy gold next to 20MA. Target: the upper black line. Stop loss: if close under the 20MA.
If you are bearish on gold, you can:
- Short sell gold when it hits the upper black line. Target: 7MA. Stop loss if close is above the 20MA
Have a good trading day
This is not advice; this is just what I would do.