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  • #38,861
  • Aug 18, 2024 3:42am Aug 18, 2024 3:42am
Quoting ChiForex
{quote} Nice charts Elbert! The problem in Gold that it's moving too slow stopping at irrelevant levels that's making the picture harder to figure if it will hit the relevant levels and which in particular. Like today it can be anywhere btw 1762 to 1773(maybe 1765 max) as good retracement movement on weekly too. As said above, too good to be true...after such deep weekly low there's good range to downside to bet on selling at said levels.. At end, today Gold can set such retrace high then go back to 1730-35
Gold is currently trading a 2500. Which gold are guys talking about?
  • #38,862
  • Aug 18, 2024 4:47am Aug 18, 2024 4:47am
Quoting Silver-King
Biết được chúng ta đang giao dịch với/chống lại ai, tôi sẽ rất ngạc nhiên nếu sự thoái lui thực sự bắt đầu từ đây, nhưng chúng ta hãy cùng xem... Nếu tôi ở vị trí của họ, tôi sẽ xóa sổ các lệnh Short trước, khá thuyết phục. Chúng ta hãy cùng xem...
I think the 2525-2550 range will be the SL range for sell investors.
  • #38,863
  • Aug 18, 2024 4:48am Aug 18, 2024 4:48am
Quoting Silver-King
Knowing who we are trading against/with, I'd be shocked if the real retracement would starts from here, but we'll see... If I was in their shoes, I'd wipe out the Shorts first, rather convincingly. We'll see...
I think 2525-2550 will be the SL sweep zone for sell investors and it will happen very fast on Monday
  • #38,864
  • Aug 18, 2024 5:15am Aug 18, 2024 5:15am
Quoting Silver-King
Knowing who we are trading against/with, I'd be shocked if the real retracement would starts from here, but we'll see... If I was in their shoes, I'd wipe out the Shorts first, rather convincingly. We'll see...
agreed.. it might drop first but I don’t for one minute believe the top is in.
Que Sera
  • #38,865
  • Aug 18, 2024 5:35am Aug 18, 2024 5:35am
Quoting Thtpro
{quote} Can you momentum indicator say we are in an uptrend? YEP................................. The 14RSI will find support and be ABOVE the 40%* level in UPTRENDS - when it DIVERGES its is often the top AND in a DOWNTREND it will find resistance at the 60%* level and stay under it throughout - divergence signals the end of the trend too, counter-trends are a little more tricky as they will give the impression of a trending section {image} {image} The moving averages seem to work too! Then you can trade accordingly - Taking select picture prefect...
I dont understand any sh*t on your chart, except the price action.
But glad to know we are making money.
The only thing that bound us traders, is we make some and lose some.
More time in the market, does not mean you trade better!
  • #38,866
  • Aug 18, 2024 5:36am Aug 18, 2024 5:36am
Quoting Scalper-N
{quote} it has to come back to 2200~2100 at this point
Why?
More time in the market, does not mean you trade better!
  • #38,867
  • Aug 18, 2024 5:38am Aug 18, 2024 5:38am
We broke throught the major trendline, which could lead to very fast run till ~2800 level after small pullback.
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  • #38,868
  • Aug 18, 2024 6:57am Aug 18, 2024 6:57am
gold expected next move
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  • #38,869
  • Aug 18, 2024 7:38am Aug 18, 2024 7:38am
Quoting Scalper-N
{quote} it has to come back to 2200~2100 at this point
I agree with you
  • #38,870
  • Aug 18, 2024 8:03am Aug 18, 2024 8:03am
Quoting Scalper-N
{quote} it has to come back to 2200~2100 at this point
THERE ARE SOOOOO MANY SUPPORT AREAS IN THE WAY 2360 BIG ONE 2311 BIG BIG ONE 2270 HUGE..........
average dude treading water
  • #38,871
  • Edited 9:33am Aug 18, 2024 8:59am | Edited 9:33am
I’m amazed at how you guys think, almost a years worth of bull movement could retrace just like that.

Theres a lot of fundamentals involved, a lot of things have to align together to help gold fall anywhere below 2400 and stay there!

Ideally, price should correct itself to 2200 before going anywhere else but that’s wishful thinking isn’t it?!

Quoting Sam82
gold expected next move {image}
That would be a yummy move indeed, I’m p confident about hittting 2525 though (coz fib extension)
Fate goes ever, as fate must.
  • #38,872
  • Edited 11:19am Aug 18, 2024 11:07am | Edited 11:19am
Quoting determinato
I’m amazed at how you guys think, almost a years worth of bull movement could retrace just like that. Theres a lot of fundamentals involved, a lot of things have to align together to help gold fall anywhere below 2400 and stay there! Ideally, price should correct itself to 2200 before going anywhere else but that’s wishful thinking isn’t it?! {quote} That would be a yummy move indeed, I’m p confident about hittting 2525 though (coz fib extension)
i dont pretend to say that i know.. in fact you and i get wrong 50% of the times.
but history shows and no so long ago that it could happen and fast.
  • #38,873
  • Edited 12:12pm Aug 18, 2024 11:44am | Edited 12:12pm
Checking pa , looks all continue bull without much correction next weeks !
https://www.forexfactory.com/thread/...4#post14967744
Usdx looks continue down too , test 100 first
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Not understand?better not follow my analyses!doubt clearer first, risks ++
  • #38,874
  • Aug 18, 2024 12:50pm Aug 18, 2024 12:50pm
Quoting HalikiqeoVN
{quote} I think 2525-2550 will be the SL sweep zone for sell investors and it will happen very fast on Monday
You might be right!

Fed's Goolsbee: "it isn't a "certainty" that Fed will lower interest rates in Sept. We've been making clear for a while what economic conditions would be appropriate for us to cut rates..."

Leaving the news aside for the moment...

Silver has just hit the Resistance at 29$. Next Resistance is at 29.7$ and in my opinion the last one. If the price of the Silver goes above 30$, then we officially had the bottom at 26.5$ in my opinion for the price of the Silver.

Where the top for the Gold is I have no idea. You can try and guess it, but it's not easy. You have two, three or four possible prices for the potential top for the Gold.

If any retracement will come in the near future, then it should come right about now or when the Silver hits 29.7$.
  • #38,875
  • Aug 18, 2024 1:02pm Aug 18, 2024 1:02pm
Quoting Silver-King
{quote} You might be right! Fed's Goolsbee: "it isn't a "certainty" that Fed will lower interest rates in Sept. We've been making clear for a while what economic conditions would be appropriate for us to cut rates..." Leaving the news aside for the moment... Silver has just hit the Resistance at 29$. Next Resistance is at 29.7$ and in my opinion the last one. If the price of the Silver goes above 30$, then we officially had the bottom at 26.5$ in my opinion for the price of the Silver. Where the top for the Gold is I have no idea. You can try and...
Do you not think that him sounding hawkish will make Gold drop in the Asian session? Also what will the Asian market make with such a high price of Gold, if they already aren't buying anymore? What's the chance of gapping down?

There is probably no chance of the price going down from the moment it opens, seeing as we don't have a long wick to the top yet (rejection) on a higher TF, and price closed quite bullish. I am simply curious why price would want to go up to new heights, even if plenty are calling for 2525 - 2550. The push for a cease-fire in the war is also fresh news. Wouldn't this also have us Gap down? Monday Asia open always gives me the jitters. Lol
"Who Dares Wins"
  • #38,876
  • Aug 18, 2024 1:11pm Aug 18, 2024 1:11pm
Quoting Ravenfeeder
{quote} Do you not think that him sounding hawkish will make Gold drop in the Asian session? Also what will the Asian market make with such a high price of Gold, if they already aren't buying anymore? What's the chance of gapping down? There is probably no chance of the price going down from the moment it opens, seeing as we don't have a long wick to the top yet (rejection) on a higher TF, and price closed quite bullish. I am simply curious why price would want to go up to new heights, even if plenty are calling for 2525 - 2550. The push for a cease-fire...
I believe his comment will be "High-impact" when market opens, but maybe I'm wrong. If it is, that means everything's dropping. I'd expect some reaction from the markets to this news, because Fed not cutting rates in September is basically not priced in at all. Also, 50bps rate cut has to be priced out completely. I agree... we should have some rejection at the top. Look... 2550$ which most of the people are calling for and perhaps even higher would make sense to me, because the Silver would also then hit its Resistance at 29.7$. Then, it'll get very interesting in my opinion. I heard the news about Israel and Gaza, however it's not yet on the FF which means that the news is either not really a done deal as it seems to be or perhaps they're waiting for the perfect moment to release it.
  • #38,877
  • Aug 18, 2024 3:01pm Aug 18, 2024 3:01pm
Quoting Ravenfeeder
{quote} Do you not think that him sounding hawkish will make Gold drop in the Asian session? Also what will the Asian market make with such a high price of Gold, if they already aren't buying anymore? What's the chance of gapping down? There is probably no chance of the price going down from the moment it opens, seeing as we don't have a long wick to the top yet (rejection) on a higher TF, and price closed quite bullish. I am simply curious why price would want to go up to new heights, even if plenty are calling for 2525 - 2550. The push for a cease-fire...
Ravenfeeder. Surely if it came down… you would create a long wick in the process ?!

Regarding Gaza news, https://www.washingtonpost.com/world...war-news-gaza/

imo there isn’t going to be a ceasefire because that’s not what big balls want… the noise of such is picking up because of the protests in the USA regarding Biden being complicit on the matter, seen to do the right thing..

America “stop fighting”

also America “Israel here’s $13b for ‘defence’ spend it wisely”

its BS.

just because it’s in the news doesn’t make it true & retail would be the only ones buying the bullshit.

read between the lines n all that.

regarding the fed -

interest rates aren’t going to come down.

I’m not convinced that’s not been mostly priced in with the 2000+ drop a couple weeks ago. The mission objective has always been inflation <2 & job growth… data shows that it’s not on track.

bare in mind….

the Dow has gone from less than 35000 to close to 45000 with interest rates being high. So that 2000 could easily be pricing it in.
Que Sera
  • #38,878
  • Aug 18, 2024 3:22pm Aug 18, 2024 3:22pm
The price reached over 2500
Some people see this as a sign of rising Gold
But just as there are signs to climb, signs can also be the reason for price reduction and correction

In the 4H time frame, cup and handle pattern seems to have formed
And given the break of the cup level, we expect the price to rise (at least as much as the depth of the cup)

And it also seems that the dynamic resistance line has been broken in the weekly time frame, which is also a reason to confirm the rising price.


But on the other hand;
By examining the weekly time frame, the price has been in the range zone for a long time, on the very strong dynamic resistance line
And in smaller time frames, in addition to hitting the resistance surface, it has formed a wedge

At the same time, we see divergence in almost all time frames, weekly to 15 minutes

SO:
I think the price is at a decisive level for the coming weeks;
If the formed wedge breaks upwards, a very strong uptrend will begin
And a new window opens to new gold prices
And 2500 is a very strong support level
And if the correction takes place and breaks the level of 2430, we will have correction until at least 2330
  • #38,879
  • Aug 18, 2024 6:13pm Aug 18, 2024 6:13pm
Back during Covid, I called the top on the S&P by about 10 points using the most simplistic chart & observing the geopolitical landscape.

personally… given where we’re at… I think there is a very high probability of this move following suit, (short lived) no where near the fun on the way down but pips to be had no doubt.
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Que Sera
  • #38,880
  • Aug 18, 2024 8:54pm Aug 18, 2024 8:54pm
Quoting Bflyfx
Is the 20 lots guy going to say something I sold 20 lots and wil let you know I have taken the loss
Take 10 lots now and leave the other 10.
Enjoy the week
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