We've had over a week of accumulation. Hopefully this chart makes sense. You can see the spike down on weekly open that would have triggered long stop losses and also short stop orders. Then back into the range to trigger the short stop losses. So in one move its taken out buyers and sellers.
There will however be sellers sitting comfortable at the top and buyers waiting for a break of 1850-60 to go back in. Now we have a buy signal targeting that area, so do we see them trigger these orders and do the same thing they did down below.
We shall wait and see
There will however be sellers sitting comfortable at the top and buyers waiting for a break of 1850-60 to go back in. Now we have a buy signal targeting that area, so do we see them trigger these orders and do the same thing they did down below.
We shall wait and see
Was expecting Gold to go up a bit, its still possible we visit the 1860 region which would be an ideal short for us.
There is a neckline that looks like its going to get tested around 1828 which seems more probable at the moment. Do we bounce here and go up then back down or do we break the level this time!?
We're not in any positions at the moment, sitting on our hands waiting.
Our levels are on the chart:
1860
1828
1755-60
Trade safe everyone.
There is a neckline that looks like its going to get tested around 1828 which seems more probable at the moment. Do we bounce here and go up then back down or do we break the level this time!?
We're not in any positions at the moment, sitting on our hands waiting.
Our levels are on the chart:
1860
1828
1755-60
Trade safe everyone.
Knights of Gold (Gold/FOREX Analysis/Trade ideas)
At present this is what we're looking at. We're not taking any positions yet, looking for support around 1827. There was a Long entry early this morning which we missed. Ideally, today isn't a great day to trade, so we'll just watch the charts and see…
Good Morning everyone,
Seems a lot of people took shorts yesterday. Gold gave us a buy signal yesterday morning which we didn’t take due to the Janet Yellen speech (please see the chart). It played out nearly as we expected apart from the deeper pullback.
This morning we also had a buy signal which activated early in the morning, both signals have now hit their targets.
We’re looking for a pullback towards 1845-50 as we want to see how this area supports the price. There is a higher region of 1865-70 that we feel will be visited at some point.
We're waiting find a good area to short the market to target our lower zones but expecting volatility later so we will pick wisely and carefully.
Today is not really a good day to be in any positions because of the inauguration, no one knows how the markets will react.
Patience is key in these markets, sitting and watching for a couple of days can save you a lot of money.
Seems a lot of people took shorts yesterday. Gold gave us a buy signal yesterday morning which we didn’t take due to the Janet Yellen speech (please see the chart). It played out nearly as we expected apart from the deeper pullback.
This morning we also had a buy signal which activated early in the morning, both signals have now hit their targets.
We’re looking for a pullback towards 1845-50 as we want to see how this area supports the price. There is a higher region of 1865-70 that we feel will be visited at some point.
We're waiting find a good area to short the market to target our lower zones but expecting volatility later so we will pick wisely and carefully.
Today is not really a good day to be in any positions because of the inauguration, no one knows how the markets will react.
Patience is key in these markets, sitting and watching for a couple of days can save you a lot of money.
Knights of Gold (Gold/FOREX Analysis/Trade ideas)
We've had over a week of accumulation. Hopefully this chart makes sense. You can see the spike down on weekly open that would have triggered long stop losses and also short stop orders. Then back into the range to trigger the short stop losses. So in one…
This is the updated accumulation chart from the other day. They've already hit SLs on the buyers, we mentioned how sellers were sitting comfortably at the top, now its making them sweat.
All levels are being respected albeit with a lot of volatility. We're still on the sidelines, no positions in today.
All levels are being respected albeit with a lot of volatility. We're still on the sidelines, no positions in today.
Thanks to everyone who's sharing ideas and trades on the chat group. Please remember to share your charts when you're giving others targets and trade ideas. It helps the less experienced traders in the group.
Dear All,
We seem to be getting a few spam messages on the group chat. Please don't click on the links on any of these messages.
Knights of Gold
We seem to be getting a few spam messages on the group chat. Please don't click on the links on any of these messages.
Knights of Gold
Gold looks like it wants to test the higher levels, bullish daily candles and a reversal pattern in play.
Resistance:
1888
1894
1900
Support:
1868
1860
1854
The 4H chart is showing support at around 1865-70 which price has attempted earlier. Break and close above 1875 and I think we're in for a bit of a squeeze on the sellers.
If it continues to support around 1865-70 we'll test the Long with a target of around 1890-93, we're not waiting for 1900. If we go straight up, based on successful resistance at the mentioned levels we'll look to go Short with a target of 1860-55
Resistance:
1888
1894
1900
Support:
1868
1860
1854
The 4H chart is showing support at around 1865-70 which price has attempted earlier. Break and close above 1875 and I think we're in for a bit of a squeeze on the sellers.
If it continues to support around 1865-70 we'll test the Long with a target of around 1890-93, we're not waiting for 1900. If we go straight up, based on successful resistance at the mentioned levels we'll look to go Short with a target of 1860-55
Gold (XAU/USD) is eyeing the $1900 mark, having climbed nearly 2% on Wednesday. Expectations of massive stimulus under the 46th US President Joe Biden's administration have boosted the inflation expectations, underpinning gold – the hedge against inflation.
Biden proposed a $1.9 trillion stimulus package to counter the economic impact of the coronavirus pandemic. Janet Yellen urged US lawmakers to "act big" on fiscal spending. Stimulus hopes will continue to favor the XAU bulls but for how long? Let’s look at the technical graphs for better understanding.
Gold Price Chart: Key resistances and supports
The Technical Confluences Indicator shows that gold is set to challenge a major resistance at $1877, which is the confluence of the SMA100 four-hour and Fibonacci 23.6% one-month.
The next relevant bet for the buyers is seen at $1884, the pivot point one-week R2.
Acceptance above the latter could open doors towards $1893, where the Fibonacci 161.8% one-week is located.
To the downside, the bulls will need to defend a dense cluster of support levels around $1870, which is the convergence of the previous day high and the previous low on 15-minutes.
Further down, the previous week high at $1864 could test the bears’ commitment.
The Fibonacci 23.6% one-day at $1862 will offer the next support, below which $1857 would be tested. That level is the confluence of the Fibonacci 38.2% one-day and one-month.
This is good analysis. It's not our own but we're posting it for your reference.
Biden proposed a $1.9 trillion stimulus package to counter the economic impact of the coronavirus pandemic. Janet Yellen urged US lawmakers to "act big" on fiscal spending. Stimulus hopes will continue to favor the XAU bulls but for how long? Let’s look at the technical graphs for better understanding.
Gold Price Chart: Key resistances and supports
The Technical Confluences Indicator shows that gold is set to challenge a major resistance at $1877, which is the confluence of the SMA100 four-hour and Fibonacci 23.6% one-month.
The next relevant bet for the buyers is seen at $1884, the pivot point one-week R2.
Acceptance above the latter could open doors towards $1893, where the Fibonacci 161.8% one-week is located.
To the downside, the bulls will need to defend a dense cluster of support levels around $1870, which is the convergence of the previous day high and the previous low on 15-minutes.
Further down, the previous week high at $1864 could test the bears’ commitment.
The Fibonacci 23.6% one-day at $1862 will offer the next support, below which $1857 would be tested. That level is the confluence of the Fibonacci 38.2% one-day and one-month.
This is good analysis. It's not our own but we're posting it for your reference.
What we're also noticing on the chart is a reversal pattern at the top which we're monitoring and will update you on. If this pattern forms and confirms, Gold can correct the whole move from yesterday. THIS IS NOT CONFIRMED YET
This is why we don't trade during high impact news, the charts will give you mixed signals with choppy price action.
This is why we don't trade during high impact news, the charts will give you mixed signals with choppy price action.
Forwarded from Knights of Gold (Gold/FOREX Analysis/Trade ideas)
Gold (XAU/USD) is eyeing the $1900 mark, having climbed nearly 2% on Wednesday. Expectations of massive stimulus under the 46th US President Joe Biden's administration have boosted the inflation expectations, underpinning gold – the hedge against inflation.
Biden proposed a $1.9 trillion stimulus package to counter the economic impact of the coronavirus pandemic. Janet Yellen urged US lawmakers to "act big" on fiscal spending. Stimulus hopes will continue to favor the XAU bulls but for how long? Let’s look at the technical graphs for better understanding.
Gold Price Chart: Key resistances and supports
The Technical Confluences Indicator shows that gold is set to challenge a major resistance at $1877, which is the confluence of the SMA100 four-hour and Fibonacci 23.6% one-month.
The next relevant bet for the buyers is seen at $1884, the pivot point one-week R2.
Acceptance above the latter could open doors towards $1893, where the Fibonacci 161.8% one-week is located.
To the downside, the bulls will need to defend a dense cluster of support levels around $1870, which is the convergence of the previous day high and the previous low on 15-minutes.
Further down, the previous week high at $1864 could test the bears’ commitment.
The Fibonacci 23.6% one-day at $1862 will offer the next support, below which $1857 would be tested. That level is the confluence of the Fibonacci 38.2% one-day and one-month.
This is good analysis. It's not our own but we're posting it for your reference.
Biden proposed a $1.9 trillion stimulus package to counter the economic impact of the coronavirus pandemic. Janet Yellen urged US lawmakers to "act big" on fiscal spending. Stimulus hopes will continue to favor the XAU bulls but for how long? Let’s look at the technical graphs for better understanding.
Gold Price Chart: Key resistances and supports
The Technical Confluences Indicator shows that gold is set to challenge a major resistance at $1877, which is the confluence of the SMA100 four-hour and Fibonacci 23.6% one-month.
The next relevant bet for the buyers is seen at $1884, the pivot point one-week R2.
Acceptance above the latter could open doors towards $1893, where the Fibonacci 161.8% one-week is located.
To the downside, the bulls will need to defend a dense cluster of support levels around $1870, which is the convergence of the previous day high and the previous low on 15-minutes.
Further down, the previous week high at $1864 could test the bears’ commitment.
The Fibonacci 23.6% one-day at $1862 will offer the next support, below which $1857 would be tested. That level is the confluence of the Fibonacci 38.2% one-day and one-month.
This is good analysis. It's not our own but we're posting it for your reference.
❤1
Conclusion
Given the above narratives still playing out, the ECB meeting will likely be a non-event today. However, some pressure on EUR/GBP could still see the euro move around on any quibble that could mess with positioning as the technicals are stretched.
Adding to that, Lagarde may also have to address the Bloomberg report earlier this week on the ECB intervening to limit the yields spread in the bond market. That will perhaps the more interesting issue to look forward to in the press conference later today.
*Source - ForexLive
Given the above narratives still playing out, the ECB meeting will likely be a non-event today. However, some pressure on EUR/GBP could still see the euro move around on any quibble that could mess with positioning as the technicals are stretched.
Adding to that, Lagarde may also have to address the Bloomberg report earlier this week on the ECB intervening to limit the yields spread in the bond market. That will perhaps the more interesting issue to look forward to in the press conference later today.
*Source - ForexLive