GOLD Technical Analysis
- Move up as expected
- I am holding the long position
- Bullish trend slow but steady
- Above M H3 we will see WH5
MEGATREND MAs: Bullish
H4 Chart GOLD
- Order block support
- Double pinbar entry confirmation
- W H5 first target
- M H4 Final target
GOLD has made a great bounce after the US CPI yesterday. At this point we can see that GOLD is bouncing after double pinbar confirmation. It is also W H3 confluence so the move is to the upside of course. Megatrend has captured trades perfectly and you can check my gold trades in the link below. It is also RISK OFF mode now. Targets are 1804 followed by 1816 and eventually 1839. But have in mind that the first target needs to become support in order for gold to proceed higher. Same is for the second target.
Yen strength
1.Risk off sentiment
2.Gold up
3.Commodities prices down
4.Equities down
5.Yen strengthens as a result
Additionally the US CPI has fallen on a yearly basis 6.1% predicted to 5.9 % result. It means we will probably see a 0.50 % rate hike and not 0.75 % as many were prediction. This is of course, my personal opinion.
This analysis, and all entry signals and targets are a part of the Megatrend system and a trading course. I have closed all my GOLD positions today maybe a bit prematurely but I will buy the dips. Watching 4h time frame for buying the dips scenario
Summary of July trading results is HERE(click to see)
Cheers and safe trading,
Nenad
