This is my anticipation on (XAU/USD) GOLD. But we have to keep watching the movement on DXY. -- WHAT DO YOU THINK?
Kamunda
XAU/USD & XAG/USD - Gold & Silver Traders Thread
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- Edited 8:17pm Nov 26, 2019 1:22pm | Edited 8:17pm
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This is my anticipation on (XAU/USD) GOLD. But we have to keep watching the movement on DXY. -- WHAT DO YOU THINK? {image}
We must learn who is gold, and who is gold plated
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4&1 All Time Profit:
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4&1 All Time Profit:
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4&1 All Time Profit:
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Gold had a little rally today. It will be interesting to see if Sunday brings volume and follow-through. All of the recent rallies in gold have been accompanied by greater than average daily volume. I think we'll need a trigger and could get one this weekend if China retaliates during the market close. In that case gold is a solid long opportunity. 
We must learn who is gold, and who is gold plated
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If you are tracking XAUUSD this week, consider this top-down technical analysis.
On the weekly time frame, the relatively big bearish candlestick printed five weeks ago has failed to have any bearish follow-through as the market has subsequently printed only indecision candlesticks resulting in a sideways operation at the significant 1460 horizontal support zone. However, an emerging rising trendline (blue) is still largely intact. A significant breakdown of the zone on a daily closing basis is likely to encourage bears to pursue a southward drive.
Price action is operating within a falling channel (black) on the daily time frame. Recent price action has retested a broken-down support around 1469, and last week Wednesday a bearish candlestick broke below the zone. But the miniature candlesticks printed on Thursday and Friday, perhaps owing to the illiquidity on those days as a result of the partial activity of the New York session, indicate that a bearish drive below the zone has not yet materialized. We should await how the market handles the zone in the early part of this week. Note that the rising trendline (blue) seen on the weekly time frame is still acting as support and presently in confluence with the zone. It breakdown will likely give impetus to a southward continuation.
I may be wrong. Trade safe and prosper.
KP
On the weekly time frame, the relatively big bearish candlestick printed five weeks ago has failed to have any bearish follow-through as the market has subsequently printed only indecision candlesticks resulting in a sideways operation at the significant 1460 horizontal support zone. However, an emerging rising trendline (blue) is still largely intact. A significant breakdown of the zone on a daily closing basis is likely to encourage bears to pursue a southward drive.
Price action is operating within a falling channel (black) on the daily time frame. Recent price action has retested a broken-down support around 1469, and last week Wednesday a bearish candlestick broke below the zone. But the miniature candlesticks printed on Thursday and Friday, perhaps owing to the illiquidity on those days as a result of the partial activity of the New York session, indicate that a bearish drive below the zone has not yet materialized. We should await how the market handles the zone in the early part of this week. Note that the rising trendline (blue) seen on the weekly time frame is still acting as support and presently in confluence with the zone. It breakdown will likely give impetus to a southward continuation.
I may be wrong. Trade safe and prosper.
KP
Do your homework, follow the footprints of smart money
{quote} An Update. Overall - Hinge towards the 15 Dec deadline for US CHINA deal . Technically The breakout from rectangle 1453-1461.5 can only be validated after the clarity on the deal. Fundamentally- if Deal fails- PA will go upwards to 1485, If deal passes PA will go down below 1453. {image}
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