If you look at my chart very closely, I have only tried to paint a picture of what i have seen in the last few weeks.
Gold is still generally on the downtrend when you look at higher time frame but looking at daily, it has been bullish for a while and correcting almost on a daily basis and retesting each take off point between 2 & 3 times but still bullish on the daily.
I am of very strong opinion that this move will get to 1832 area but we may see another correction between 1810 & 1819 or even 1823 if you have been studying gold patterns very closely and then there may be a very strong sell in the next few weeks to 1675- 1682 area
Now, Pay particular attention to this paragraph. if gold closes above 1834 on the daily time frame, The massive sell will be from 1845 but a close above that point may get gold bullish to above 1900 for a double top before the bullish trend.
As far as i am concerned, gold's have very bullish momentum for now and we need to apply risk management as the big sell may happen between 1832 & 1845 but a daily or weekly close above 1845 may take Gold to above 1900 before that sell.
Trade carefully, apply risk management and stay happy....
Gold is still generally on the downtrend when you look at higher time frame but looking at daily, it has been bullish for a while and correcting almost on a daily basis and retesting each take off point between 2 & 3 times but still bullish on the daily.
I am of very strong opinion that this move will get to 1832 area but we may see another correction between 1810 & 1819 or even 1823 if you have been studying gold patterns very closely and then there may be a very strong sell in the next few weeks to 1675- 1682 area
Now, Pay particular attention to this paragraph. if gold closes above 1834 on the daily time frame, The massive sell will be from 1845 but a close above that point may get gold bullish to above 1900 for a double top before the bullish trend.
As far as i am concerned, gold's have very bullish momentum for now and we need to apply risk management as the big sell may happen between 1832 & 1845 but a daily or weekly close above 1845 may take Gold to above 1900 before that sell.
Trade carefully, apply risk management and stay happy....
Note
I posted this chart on the 28th of October and It appears we are already in the 1832 - 1834 zone. Gold has blessed me already today with trading up to 1826.5 and TP at 1833. If Gold eventually hits 1833, Please wait for confirmation to sell as i see the possibly of 1845 but there would still be some short-term seel and if price doesn't close above 1832, we may then say goodby to bullish run for a while. Then sell.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.