Gold's general overview
Gold is forming a Rectangle on the Daily chart which provides mixed picture on the Short-term, without a confirmed pattern to Trade on. The suggested range is 1,808.80 to 1,828.80. That means that as long as the Price-action is within this range, Gold has chances to pierce both Support and Resistance and shift the Short-term trend. Every time Gold is within this range, it performs the exact same Trades as I will take Profit at my own convenient price. If 1,823.80 breaks, Price-action can extend the recovery towards 1,845.80 Lower High, while 1,813.80 Support break can engage 1,800.80 sequence in motion. With the RSI Neutral, current configuration reveals more space for a decline, but as discussed, these are Fundamentally driven sessions where Volatility and side Swings are expected.
Gold almost hit the 1,853.80 level and pulled back, not only due to 1,853.80 being the Resistance (January High) but also due to this week's soaring on the Stock markets . I have a similar situation to late November. Last week's daily chart candle priced the daily chart MA50 for the first time since early January, but closed above it, then yesterday's Daily chart candle even though it opened with a new High, again closed below the Support and today's session candle is comfortably trading on losses with it's low exactly on the 1,808.80. This sequence resembles the standard support pricing patterns. Daily chart is broken channel up and within the rectangle , so still a valid buy entry if 1,823.80 breaks. I formulate my medium-term approach based on the weekly chart where as I mentioned on November 30 and bought the Bottom, as long as the Weekly chart MA50 is intact (even though it broke). The medium-term trend remains bullish with short-term target 1,869.80. On the other hand, if you still haven't profited on the current selling sequence, you may engage Sell order and await the 1,800.80. My position
I have managed to take decent Profits on recent buy orders, and have been waiting for a model to sell gold / while I am operating already with an Selling order since 1,823.80. I will risk (even though that Weekend break is ahead) and keep my Selling order all the way towards 1,800.80. Keep in mind that a 1,823.80 semi-Resistance break can restore the Buying outlook. 1,800.80
Strong analysis of silver
Is this the time to buy Silver? Can the silver market really be short squeezed? Will Silver be able to break out of this double top formation? - "There's a time and place for everything, but not now."Looking at the long term trend in Silver . Silver is at an eight year high. I don't know how a short squeeze can be sustained at these levels. Silver's value comes from it being an investment hedge not a potential short squeeze. I love silver and am looking to start accumulating at 20 and hoping it goes down to 15. If you are investing in silver don't buy this at the current stage . However, I think precious metals will suffer in the forthcoming liquidity crisis. Looking back at every crash, metals usually started declining before stocks, crashed with stocks and rallied before stocks rallied. The mania caused in Silver in January caused it to exhibit some weird behaviors. Silver peaked on August 7th around the same time Gold peaked. Gold and Silver usually have very similar price movement (there are many pairs trading algorithms built around this relationship). After peaking on August 7th it started trending downwards. Then the silver craze came about and people bought into silver hoping for the same outcome. But, Silver is a monster in and of itself. This metal has been used for thousands of years, you don't wake up one day and say lets squeeze silver . I believe that if this Silver hype did not occur we would have seen it move lower. Anyways, When Silver was climbing the price ladder on the first days of February it failed to break the high set in August - broadcasting an important signal to the markets. It represented a failed move. If we were starting a new impulse move higher we should have broken the high of the previous impulse move instead of finding resistance at the previous top (reasoning behind a double top ). Silver can still break out of this larger rectangle pattern but its chances are becoming grim. I am more confident that we see Silver start reversing downward. The impending strength of the dollar also has not helped the Silver bull case. The Dollar rally also, has not even really started yet. When the dollar actually starts gaining strength all commodities will suffer. If you look at the correlation comparison for Silver and usdx ; it shows that they rarely move together. We are approaching a very crucial moment for all markets. Markets are reaching key inflection points because the dollar is threatening a move up.
Targets: 24 -> 22 -> 20 -> 17 -> 15
Forex Forum fx.co – Introduction.
The Forex market is a high-yield and risky means of making a profit by trading on currency markets. The work tools at the Forex market in many ways determine the result of trading by participants, the brokers’ clients. Every Forex broker offers its own platform; however, most brokers and traders concur in choosing MetaTrader 4 and MetaTrader 5 platforms. This forum is for those who prefer the MetaTrader series platforms in trading on the Forex market.
Forex Forum fx.co – trade discussion.
Forex market forecasts, independent opinions of novice traders and experts – all this you will find in the Trade Discussions section. Solid experience of work on Forex is preferable, but everyone, including Forex newbies, is welcome to share their opinion. Mutual help and dialog are the main goals of communication in the Trade Discussions section.
Forex Forum fx.co – Dialog with brokers and traders (about brokers).
If you have a negative or positive experience of work with a Forex broker, share it here. Leave a comment about your broker; describe the advantages or drawbacks of working with it. The aggregate traders’ reviews of brokers constitute a rating. In this rating, you can see the leaders and outsiders of the Forex services market.
Free discussions at the Forex Forum fx.co
You are a trader and want to relax? Then the Free Discussion section is exactly what you need. No doubt, conversation on subjects related to the Forex market is preferable. Here you will find jokes about traders, caricatures of Forex brokers and full-swing Forex off-topic convo.
Bonuses for communication at Forex Forum fx.co
This forum is created by traders, for traders, and revolves around deriving a profit. However, each post at the Forex forum yields its author a forex bonus that can be used in Forex trading from the account opened with one of the forum’s sponsors. This small gift is presented with the aim to reward professional traders for spending time at our forum.
We appreciate your choice of Forex forum fx.co as a platform for communication.