We don't really want to hold this over the weekend. The move happened very late in the day

This is why we said wait for the entry. If we had taken the entry on the bearish candles below we would have hit stop loss. At least we got the perfect entry and everyone who followed should be in profit

We're done for the week. We've given details on the trade. Hope everyone had a successful week and hopefully learnt something new.

Wishing everyone a great weekend. See you on Sunday for market open.

Knights of Gold

Monthly:

Please also refer to our previous monthly chart from last week.

So far we’re being supported at the 2011 and 2012 resistance levels. We’ve broken out of our pattern similar to the one we saw during the last big move up in Gold during 2009/11.

Looking at the chart closely we can see that last weeks candle closed below a key closing price of 1834/5 which during 2011 was a turning point for Gold . We would ideally want the monthly to close below this level for confirmation on this timeframe of a move lower down.

We’re looking at this chart for a retest of resistance at the 1835 level as there is likely to be a reaction here. Breaking and closing above consecutively will most likely open up higher prices for the short-term.

If we’re following similar price action to 2011 you can see we bounced around this time in its move and went up to challenge the high. This is something to keep in mind!

This is the bigger picture, lets look further into the smaller timeframes.

Weekly:

Again the 1780-85 level seems to stick out. Clear, clean trend and technical levels are being respected.
On this chart we have closed below a key level so if we are going down over the next few weeks it needs to be a sharp quick move up and back down.

We’re looking for resistance at 1835 to test the shorts again. We could get a bit of a squeeze on sellers so look for the levels below.

Resistance:

1824-35
1850-53
1896-1900

Support:
1801
1765-75
1725-35

Daily:

Following the technical levels. There is a clean chart pattern here and a candle reversal. This chart is suggesting we’re going to go further down as long as the 1828-35 level continues to act as resistance.

Resistance:
1828
1835
1850

Support:
1815
1808
1794

We are day traders so these levels are for reference only.

As always, trade safe.

4H:

Now we’re starting to get a clearer picture.

There’s a zone above that looks like it hold liquidity. It wouldn’t surprice us if we get a move up towards this level to get some buyers in before a move lower. We’re still playing short on this. We have an entry that is in profit and safe which we’re thinking we’ll close on open based on a small move upwards over Monday.

Our immediate target is 1810 so we’re looking for another entry to target this level. A bounce there and we’ll take a long for the liquidity box up towards 1845-55.

Resistance: 1830

Support: 1810

1H:

Again, just like the 4H chart suggest, it looks like we’re going up over the course of Monday based on successful support below.

There will be a lot of buyers in the market with stop around 1810 levels, so a spike down and then maybe a move up over the day.

Only reference and observation, not trading signals.

As always, trade safe.

The trade we took on Friday. We've protected it but its very likely that it will hit the stop in overall profit. If the price goes up like we're expecting over monday then we'll look to enter short again.

Based on a good support level on market open or over the course of the day tomorrow, we'll look to take the long trade up towards that 1835 level

Hope you've all had a good weekend. See you tomorrow.

Just to be clear. We can't tell you to close or open trades, but, anyone who took the trade with us on Friday, we are going to close it in profit on market open. We will look for fresh trades on Monday.

Public holiday today. There will be low volume in the markets.

Welcome to all the new members. Quiet day today with the holidays.

The above analysis still stands. We'll be back tomorrow to hunt trades on market open.

See you tomorrow.

4H, waiting for the close of the candle for a potential double top . Just an idea at the moment but looking for this as its move.

Support:
1817
1808
1800

Resistance:
1826-28
1833-35

4H candle close below 1815 and we're on for lower in our opinion.

Daily. This is the thorn in the rose bush at the moment. This break outside again has opened up higher levels of 1841 and 1860.

We're waiting for the 1H and 4H candles to give us confirmation.

Levels for everyone. Looks like the breakout is coming soon. Lets make sure we're prepared

Is it a continuation? With symmetrical triangles on some occasions they give a fake breakout in one direction then tend to go the other way.

In this scenario, we're looking to short the market so we're looking for this to break to the upside and give a fake signal. We're keeping an eye on this.

This could now make sense with our 4H analysis earlier this morning where we could see a move to the upside before coming back. No one can get it 100% right, but lets see how it plays out.

When we enter we'll let you know what we're doing.

Thats our 1810 target done from last Thursday. Now we're looking for a retest of the level below. If it supports we'll take the Long trade. Strict stop loss. There is still a lot of momentum, it should not take out the low for this to be valid.

Low taken out