Maybe the first stage of bounce of Gold XAUUSD towards 1340
I was aiming at Gold XAUUSD to the bullish side. Was observing it for a while until I see Earn While U Sleep completed
Eyes on $xauusd today after earn while u sleep setup completed. I tweeted abt gold last week.
— TerraSeeds FX Tflow® (@terraseeds) August 5, 2014
Even a support was found, I was looking some bullish expansion, which came in last night with a bullish day close
Clear that recent movement in Gold is a retracement of that bullish flow
Even there was a bullish expansion, with a day close above pt 2 (bullish structure), F6 is still not triggered yet. F6 around 1320. Therefore this bearish 1234 structure can still be possible, if there is a trigger to the downside
I’m still afraid that retracement has not completed and Gold can continue to fall to find stronger support. Therefore, I would be watching out for 1317 (marked red) and 1313 (marked blue) levels and it is important for price to close above it on day close. Of course F6 is important as well.
With price completing a bullish 1234 on WR trigger, in H1, we see a 1234 on a bullish flow (see chart below). Completing this 1234 might move price higher towards immediately resistance 1312 1316 and lastly 1320. In this form of trade, it is important to keep stop loss tight and proper trade management.
#tflow #forex #trade quick play wk 32/6 $xauusd above 1307 F6 has R 1312 1316
of course, if the big bullish 1234 is completed, then immediate R will be 1340
Update by Binni Ong on 8 Aug 2.31pm
You like that quick play? maybe too quick that you didn’t have time for it… opps…
Now we have Gold moving towards 1320 F6, if there is a bullish close, we might see that number which I said, 1340.
#tflow #forex #trade wk 32/7 $xauusd above 1320.5 F6 has R 1340.
Happy National Day! Enjoy your holidays!
Update by Binni Ong on 15 Aug 6.59pm
Support and Resistance of XAUUSD at the moment, see chart below
Price consolidates in a pennant pattern, suggesting possible upside from chart pattern theory, however, can ONLY confirms this upside pennant on a breakout, which price confluences with F6
Update by Binni Ong on 18 Aug 5.30pm
No Trigger No Trade. Gold didn’t break up, there was no trigger, thus on last friday, it broke down.
Below an updated chart on Gold, the lowest point was a retest of pt 2.
Bearish expansion in H1 boxes, instead of bullish, it could be a bearish setup, because there was no H4 bullish expansion yet
Resistance in Gold around 1306; until this resistance is broken above, I would see it as a more possible bearish scenario now