Thats the test of the low and the former pattern, should complete around 1770 and support there. Likely we'll get a retracement tomorrow or into the US close. They've been flushing gold and we don't think they're done yet!!

Keep an eye on the levels. Trade safe.

Support - 1770/1762
Resistance - 1783/1783-5

See you tomorrow.

New short-term target is 1762. THIS IS NOT A SIGNAL. We're waiting for a retracement unless it gets hammered this evening

If you entered the buy at 1770 set the stop to entry and protect it

Good morning. Todays levels and idea.

We're expecting our long awaited target of 1750 as our first stop at some point today, the price looks like it can go a lot lower if this level doesn't support.

We're waiting for a small retracement towards 1770 to scale in and then potentially 1784 for our next short entry. Dependent on the target not being reached beforehand. We're using very small lots and strict SL as its Friday and we don't want leave anything open over the weekend.

Support:
1760
1749
1728

Resistance:

1770
1781
1784

If we get an aggressive move up and the price closes above 1784 then this trade idea is invalid for today. We're also monitoring what could be the formation of a IHS on the 1H TF.

BOOOM!!!!

Thats 1750

Took us a few months to get there but we made. Well done to all that followed precisely, we committed to the direction and managed to sell all the way down.

Trade complete. If you got in, well done

Note to members:

You don't need to catch every move. Don't get stuck here, it is possible we will retrace back up a little but it's the end of the month and and a Friday, it's really not worth getting stuck in trades. We've reached our target but can see lower pricing on Gold. Give us an opportunity to evaluate the data and analyse the markets before we commit to a new direction. As we've said, we caught it down, now we want to catch it back up but when the time is right

We're done for the day, week and month. Hope everyone has had some benefit from the analysis and ideas on the group.

The chart above shows the levels to look out for as key support. We're not going to enter any more trades today, rather wait until Monday or Tuesday to get back into the markets.

Wishing all our members a good weekend. See you on Sunday evening for market open where we'll share next weeks analysis.

Knights of Gold

We’ve approached a key juncture here, it’s the bottom of the trendline on a long term timeframe so we would expect there to be a lot of buyers entering the market here. We’ll look at the shorter timeframes to get a clearer picture but we see a high possibility of the price retracing back up a little to our key resistance levels. We wouldn’t be surprised to see a small short spike down at some point during the day to trigger some stops then the retracement to commence. We're still bears longterm and expecting the price to go lower before a bigger retracement higher.

Support:

1730
1710
1691
1676
1645

Resistance:

1755
1762-65
1790

Clean break of the symmetrical triangle. Now what we don’t know is if the 1816 level was the retest of the break and couldn’t be sustained. If not, then that is a possible the we will revisit the 1820-30 level as a possible target for bulls.
This area is of interest to us on the daily chart as it presents an ideal short opportunity for lower price levels. We’re still bearish on this timeframe, we’ll take short quick longs but the shorts are what we’re after again.

Support:

1720
1702
1680
1642

Resistance:

1747
1764
1777-85
1806

If this channel is valid then we’ve broken back within it. That would make the break up around the 20th an FBO or a bull trap. We can see that liquidity area above and now there’s demand below around 1665.
Again, on this chart we would expect a short spike down at some point and then a resumption of the retracement.

Having said that….. Gold is not giving bulls a chance at the moment, and when it moves like this its very possible we can go straight down to lower levels without retracement. We will have to monitor this on the 1H timeframe once the market is open.

Support:

1718
1709
1692
1668

Resistance:

1737
1756
1771

Week ahead analysis. All levels and potential targets are there. We'll wait for market open and review the 1H TF before taking any trades. We're not ready to become bulls yet, we'll remain short in this market from what we can see.

Wishing everyone a successful trading week ahead.

Welcome to all of the new members. Please refer to yesterdays analysis for key levels and potential movement in Gold. Looks like it could be a bit of a ranging day unless equities open gives us a bit of boost. We have a lower level of 1720 and a higher level of 1757. No trade idea to share at the moment apart from what we shared yesterday.

This is not a signal.

Looks like we're going to range here for the rest of the day. We're waiting for one of these levels to break, our bias is to the downside based on the 4H chart where we're expecting a test of last weeks low. We'll look to test the long from around that region based on support.

We're going to stick with this chart today. If you took the long at the bottom we're at a minor resistance level now. We're anticipating a short rise to around 1736-40 and from there we think we're going to break 1700 at some point.