Hello traders.
Gold is unstoppable. It has not retraced at all to any fibonacci levels or whatever.
Last time it touched the demand area of 1618, it bought straightly up. Two consolidation boxes during this formation of uptrend.
On 15 of August, close to 180x area, there was the starting point of the last bearish leg for gold.
price violated 1680 area and created new key levels around 1616. Now, due to weak USD the price has been immensely increased.
1780 - 1790 area may give nice sell opportunities but I am more into the scenario of 1805 area.
This seems to be more interesting in price action of recent months and this will be the key resistance level range.
It is highly possible to open at highs and go for 1800 psychological point.
However, patience is key and thing will get cleared on Tuesday's night and starting of Assian Session, when it may give reversal for gold.
Keep at your watchlist DXY, US10 Years Yield Bonds as well 30 years Yield bonds. When these three start getting green and upcoming week
fundamentas related to dollar give a breath to the currency, gold will drop.If they support dollar. Otherwise, this scenario is not valid anymore and
we go for a break - retest of 1813 area and long continuation.
Multiple ideas either for buys or for shorts. Others with good RRR other with poor. But still valid.
Good luck!
Gold is unstoppable. It has not retraced at all to any fibonacci levels or whatever.
Last time it touched the demand area of 1618, it bought straightly up. Two consolidation boxes during this formation of uptrend.
On 15 of August, close to 180x area, there was the starting point of the last bearish leg for gold.
price violated 1680 area and created new key levels around 1616. Now, due to weak USD the price has been immensely increased.
1780 - 1790 area may give nice sell opportunities but I am more into the scenario of 1805 area.
This seems to be more interesting in price action of recent months and this will be the key resistance level range.
It is highly possible to open at highs and go for 1800 psychological point.
However, patience is key and thing will get cleared on Tuesday's night and starting of Assian Session, when it may give reversal for gold.
Keep at your watchlist DXY, US10 Years Yield Bonds as well 30 years Yield bonds. When these three start getting green and upcoming week
fundamentas related to dollar give a breath to the currency, gold will drop.If they support dollar. Otherwise, this scenario is not valid anymore and
we go for a break - retest of 1813 area and long continuation.
Multiple ideas either for buys or for shorts. Others with good RRR other with poor. But still valid.
Good luck!
Trade closed: target reached
Trade closed: target reached
+200 pips
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.
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.