Gold Forms a Bull Flag With Upper Trendline at $1957/59: What Lies Ahead?
Gold
-0.03%
Add to/Remove from Watchlist
Add to Watchlist
Add Position
Position added successfully to:
Please name your holdings portfolio
Type:
BUY
SELL
Date:
Amount:
Price
Point Value:
Leverage:
1:1
1:10
1:25
1:50
1:100
1:200
1:400
1:500
1:1000
Commission:
Create New Watchlist
Create
Create a new holdings portfolio
Add
Create
+ Add another position
Close
EUR/USD
-0.03%
Add to/Remove from Watchlist
Add to Watchlist
Add Position
Position added successfully to:
Please name your holdings portfolio
Type:
BUY
SELL
Date:
Amount:
Price
Point Value:
Leverage:
1:1
1:10
1:25
1:50
1:100
1:200
1:400
1:500
1:1000
Commission:
Create New Watchlist
Create
Create a new holdings portfolio
Add
Create
+ Add another position
Close
USD/CAD
+0.10%
Add to/Remove from Watchlist
Add to Watchlist
Add Position
Position added successfully to:
Please name your holdings portfolio
Type:
BUY
SELL
Date:
Amount:
Price
Point Value:
Leverage:
1:1
1:10
1:25
1:50
1:100
1:200
1:400
1:500
1:1000
Commission:
Create New Watchlist
Create
Create a new holdings portfolio
Add
Create
+ Add another position
Close
NZD/USD
-0.49%
Add to/Remove from Watchlist
Add to Watchlist
Add Position
Position added successfully to:
Please name your holdings portfolio
Type:
BUY
SELL
Date:
Amount:
Price
Point Value:
Leverage:
1:1
1:10
1:25
1:50
1:100
1:200
1:400
1:500
1:1000
Commission:
Create New Watchlist
Create
Create a new holdings portfolio
Add
Create
+ Add another position
Close
EUR/JPY
+0.64%
Add to/Remove from Watchlist
Add to Watchlist
Add Position
Position added successfully to:
Please name your holdings portfolio
Type:
BUY
SELL
Date:
Amount:
Price
Point Value:
Leverage:
1:1
1:10
1:25
1:50
1:100
1:200
1:400
1:500
1:1000
Commission:
Create New Watchlist
Create
Create a new holdings portfolio
Add
Create
+ Add another position
Close
EUR/NZD
+0.47%
Add to/Remove from Watchlist
Add to Watchlist
Add Position
Position added successfully to:
Please name your holdings portfolio
Type:
BUY
SELL
Date:
Amount:
Price
Point Value:
Leverage:
1:1
1:10
1:25
1:50
1:100
1:200
1:400
1:500
1:1000
Commission:
Create New Watchlist
Create
Create a new holdings portfolio
Add
Create
+ Add another position
Close
XAU/USD
-0.10%
Add to/Remove from Watchlist
Add to Watchlist
Add Position
Position added successfully to:
Please name your holdings portfolio
Type:
BUY
SELL
Date:
Amount:
Price
Point Value:
Leverage:
1:1
1:10
1:25
1:50
1:100
1:200
1:400
1:500
1:1000
Commission:
Create New Watchlist
Create
Create a new holdings portfolio
Add
Create
+ Add another position
Close
Gold hit my buying opportunity at 1952/48 with a bounce from 1945. Then we wrote: Looks like we are forming a bull flag with upper trend line at 1957/59 so a break above 1960 should be a buy signal for today targeting 1970/1973. Above here look for 1981/83.
There has been no excuse to miss buying Gold from the 1930/35 area (which I also posted in last week’s video and then again at 1952/48. Even buying on the break above 1960 was suggested yesterday.
I have made it very clear exactly when to enter throughout the last week & finally we hit my targets of 1970/73 & 1981/83. If you had run longs from my first buying opportunity at 1935/30 you have a full 2.5% move in Gold & the $50 move for a huge profit.
We are overbought at this stage so I have taken profits at 1983 & I will see if there is a downside correction for another buying opportunity.
Strong support at 1968/63 for today’s buying opportunity with stop below 1959.
Gold Chart
EURJPY hit strong resistance at 156.20/40. A high for the day exactly here yesterday. I would lower the sell level to 156.10/30 if you are not already short from yesterday – Shorts need stops above 156.45.
We can try a long again at strong support at 153.60/40 this week with stop below 153.20.
NZDUSD broke support at 6320/10 but should find a better buying opportunity at 6280/60.
NZD Chart
USDCAD strong resistance at 1.3260/80 (not quite there yet). Shorts need stops above 1.3300. A break above 1.3300 is an important buy signal for this week.
EURUSD we wrote: break above 1.1250 should be a buy signal for today targeting 1.1275.
A high for the day exactly here.
I think there is a good chance of a small downside correction & if you want to try a short you can stop above 1.1285. Now it could be worth the risk with a potential target of 1.1140/20, which should also be a good buying opportunity.
EUR/USD Chart
However be ready to buy a break above 1.1290 targeting 1.1370/80, perhaps as far as 1.1450.
EURNZD longs at support at 1.7560/40 worked perfectly as we hit my targets of 1.7630, 1.7680 then 1.7740. We even reached as far as 1.7930
Strong support again at 1.7570/50 – Longs need stops below 1.7520.
