Gold Buy

30 dic 2023Gold has been in an uptrend and after reaching all time high for the 4th time, the drop off wasn't as big as the previous three. This could signify that price is slowly and steadily about to break higher.

This past week (final week of 2023), Gold has broken above the most recent high formed around the 3-and-half-year resistance. The pullback has shown somewhat of a falling wedge into previous resistance now turned support and seems to be holding. An Inverse Head and Shoulders pattern has clearly formed on the 15min within the support zone.

Come Tuesday, I would be looking for a break and retest of the Inverse Head and Shoulder neckline which will also break the wedge upwards If that happens, that will be my confirmation for a long entry.

31 dic 2023

Commento

I have also noticed divergence on the Inverse Head and Shoulders (15 min timeframe). The first shoulder and the head (low and lower low) show the opposite, a low and higher low, on the RSI. With all these technical factors lining up, I would say that this buy signal is a strong one.

And yet, It is important to maintain sound risk management as there are no infallible strategies on the forex market.

2 gen

Trade attivo

With the news of bombings over the weekend between Russia and Ukraine, I expected Gold to move quickly and for the market to open with gaps.

I set my buy stop at the top of the neckline and my stop just below the second shoulder on the 15min. Price has since moved up and breaking the next 15 min resistance where I would have expected a pull back for the initial entry

2 gen

Trade chiuso: stop raggiunto

Moved my stop to break even after price broke the immediate high on the 15min and was stopped out.