Gold

Hello NextElliot and Techknow; just registered here to say that i've been reading along for 2 weeks in this thread and your insights are most welcome.

While price did not exactly follow the plan, i was prepared to add as I had previously mentioned on any move lower. I was hoping for an overthrow and a quick move up, i didnt exactly get any overthrow but i got to add nicely into the position which I am very happy about.. I still have the same targets I have been mentioning and will continue to ride this wave up to target. Also as I had mentioned we never got a close below the 2028 area on the 4 hour which is where I said the downside would be limited for the time being. Homeboy with the 20 lots short yesterday should have enjoyed his profit and anyone that is long should be enjoying the same today. This is why trading is awesome. We can all make money long or short.

Inverse HNS, channel breaking. Just things to add into the bullish bias for those of us long. Corrective 4 and or abc depending on your view is over.

So daily bull, weekly spike up can be enough high and may for multiple weeks! Though this spike may subject end anytime but ok with SL all trades! Take care

GOLD next probability move on structure base....if the price remain in channel then price may touch to the mentioned level...

4H probability move....

good selling level....take entry after confirmation.

XAUUSD M30 2042

Any chances of pullback ?

I expect gold to top out here and begin its descent. If we see levels $2040.20 break, then most likely it will test previous high and potentially higher. I have shorted here at $2039.5

Rejection from mentioned level.

My Daily Pivots & Range

Took half my profits from last nights move and set the rest to plus a couple of pips to make sure i get the profits I need. Not sure how i feel about the current price action, its sloppy, therefore rather enjoy the profis and put everything at risk free. Now if it goes up its a bonus. Cheers will be back around the open to re analyze

Checking pa, take care

Ready for sell.. Take profit @ 2025.81


Posts are posted late due to moderation.

Newbie question guys why is it that we have positive news with gold but it did not move on the favor of precious metal?

""News"" isn't the only thing to move GOLD price !

Us news is tricky as US news is usually bad for the dollar in the long run, which then has inverse correlation to gold. I usually keep the USDX up when I trade gold and focus on the more clear and less volatile moves and then use that to trade on a gold chart. But yea, good news for US dollar is bad for dollars, bad news for us dollar is....sometimes good for the dollar. Its a whole supply and demand/ Safe haven/ Risk on off discussion and more but that is the main reasoning behind it.

GOLD update...

Today's reports failed to generate a significant reaction in the market as they fully await the PCE report on Thursday.