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GOLD


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  • 8 months later...
  • 2 months later...

WEEKLY Chart: GOLD

Very very close to the 2011 Price level

RSI in OB territory AND WEEKLY price advance is at an angle that can't be maintained, also Gann triple top potential close by too! - doesn't mean it will turn, but significant factors are in place for a pause or correction of some degree

Will the price level prove as resistance or not?

All we can do as traders is trade what we see when a confirming set-up arises - we don't predict - the 2011 price level has obliviously been a key level in the past year as price has failed to break permanently from it

The DAILY chart (bottom chart) gives you a view from the daily pov - I will be looking for shorting set-ups if price gets above the line and near those 2 prev double tops - until then though......

I've been long since the double bottom in late March/early April (as mentioned in my How to Win thread the other week) and will follow the market up until stopped out

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  • 3 weeks later...

Weekly:

  • Resistance @ 50% level
  • Indicators bullish reversal near oversold zone
  • I would follow price action on the DIALY chart for possible indications
  • Weekly moves last weeks and give decent moves on the DAILY chart

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DAILY:

  • Resistance @ the 50% level of the main swing upwards
  • Bullish reversal near the oversold zone 2 different Indicator settings
  • sideways price action WITH bullish Indicator reversals (Is usually NOT a bullish sign)
  • From an Elliott Wave perspective (I don't trade EW's, but.....) there's a clear impulsive 1,2,3 & possible a sideways 4th wave printed

I'm not a fan when the Indicators turn bullish and price stays flat/sideways, so my preference is for GOLD to be bearish next week, BUT, not sure how much and bearish could mean a continuation of the sideways price boxing action

IF price goes on to form a triple bottom, Gann always said buy them, so that's what I'll be looking to do if price gets near the previous 2 swing bottoms as shown (1 & 2 green) - I have also a live buy order in the market too, should the market turn and rally

Just because the RSI have made a bullish reversal from the oversold zone does NOT mean price will rally - it often does with high probability but it does NOT mean it will

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Price from last week, did as expected - is the 50% resistance level going to restrain the market or not?

I am long but strong weakness around the 50% level and I could be short - I need more price daily prints to make that decision

We now have a bullish WEEKLY Indicator and an overbought DAILY Indicator - "IF" price corrects on the DAILY chart in a minor fashion and the Indicator tanks, that's BULLISH and I'd expect higher prices once the Indicator makes a bullish reversal - an alternative is that price makes a strong correction @ the 50% level (NOW!) and the Indicators follow suit

If the latter happens reassessment is needed - NO professional trader in the world knows for certain what is going to happen

Notice how price fall last week reversed when it hit the swing high of 18th March 2021 - prices often find support/resistance at prior swing highs/lows due to the magnetic attraction of prior tops/bottoms - drawing a horizontal line shows this

A break of last Tuesdays swing low point is not bullish, however, a higher swing low point would be 

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    • Hi @ChocoIG, thanks for your question. Please reach out to our client facing team as we can't assist with these queries on the community, the client facing team will be able to check with the desk and see why your orders are not valid and give you feedback, but we do apologise for the inconvenience. You can reach them on helpdesk.uk@ig.com All the best - MongiIG
    • Yeah I can see that - from experience if the 50% level is going to work it'll go through in 1-3 attempts at most which means you can afford a tight stop, but you can use the swing low point, whatever suits you
    • I guess i do it because i see the low point as relative safety and assume the market won't go through it, but this can make the distance from my entry to the low point quite large and hence potential R smaller.  I'll take a look back to see how a % of ATR might have faired. cheers   
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