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Gold recovering from a nasty fall this morning.

Daily chart with weekly pivots.

image.thumb.png.949ef6f14d18c24ee524410648d38af4.png

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Buy and hold for the long term, don't day trade gold

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Gold hanging on to the weekly S1 which is the neckline for a double top.

Daily chart;

image.thumb.png.16f35b638296cd4134c17e28ee4aa70d.png

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1 minute ago, dmedin said:

Buy and hold :(

 

😨😰

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Gold bounced up off the weekly support S1 and a bounce down off the weekly pivot.

Currently at 1700.

Daily chart;

image.thumb.png.52898a3839cc9667d707c9b2f2add853.png

 

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On 01/05/2020 at 11:55, dmedin said:

Buy and hold :(

 

Good idea, young man!

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Gold sits at the weekly pivot ranging between wR1 and wS2.

Daily chart;

image.thumb.png.f10e8a29854cc146e27b0141964a411a.png

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Gold going on a high and low range check.

H4 chart;

image.thumb.png.19d8cf71f52f33714b6c3ae2cc72e7f1.png

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Lacking direction and hovering about 1700.

H4 chart;

544333568_SpotGold_20200506_06_46.thumb.png.de533b8cf9b40f9983e57750e3bdb089.png

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Gold up to tag the weekly pivot.

H4 chart;

image.thumb.png.177918c036b28aa45f07a1109f0fc7ce.png

 

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Big push up yesterday currently looking to retest 1721 (weekly R1).

H4 chart;

image.thumb.png.4511929087eaa1d1b5fd1448bcfee39f.png

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Gold at the weekly pivot and middle of range between wS1 and wR1;

H4 chart;

image.thumb.png.1b496ef5785dca256f539270d579fd04.png

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On 12/03/2020 at 16:34, dmedin said:

That's a temporary blip - raising cash - gold will be bouncing back very soon :)

 

I am buying.

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Ve are looking for flegs!

75068882_SpotGold_20200514_14_25.thumb.png.a243dd55b67589b168f1b376fa788c24.png

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2 minutes ago, dmedin said:

Ve are looking for flegs!

75068882_SpotGold_20200514_14_25.thumb.png.a243dd55b67589b168f1b376fa788c24.png

consolidating same as Oil, doesn't know which way to go so is happy to sit and wait.

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Yah!  Ve have broken out of ze fleg! 😻

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I will just share this. I have returned to share trading after a long absence so due diligence guys... 

However I recall a situation where there was a reverse head and shoulders then the Triangle just like you see now in gold shares. Now an inverse head and shoulders signals a strong move up but I found that when it was combined with a triangle it was explosive. Is history repeating itself? I put my money into gold shares on this basis. 

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Gold continues upward currently 1760.

Daily chart;

image.thumb.png.ab23c56744187f9e6d7f33b7f09d7aab.png

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Spot gold falls all the way back to the weekly pivot in the afternoon as indices take off.

image.thumb.png.e5fcddafe96d5e81220c42cd7d21fc4e.png

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Buy and hold the gold, Boromir.

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Posted (edited)

Hopefully this is the one trade that I will make money on, never mind £10000+ in losses from everything else :D

Edited by dmedin

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Appears that the breakout has ended for now, seems to me that it is confirming the new resistance at around 1810. I believe it will pull back to between 1780 and 1790.

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