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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

 

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

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Bullish expansion/flow with EWUS level

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

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Still a potential 1234 bear to form

 

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.

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Price levels to show more bullishness

 

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.

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Small 1234 for a quick move towards immediate R; hoping it will break R

#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

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Gold Xauusd support and resistance

 

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

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Xauusd consolidation in a pennant look alike

 

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.

 

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A retest of pt 2, mapping a look alike possible 1234

 

Bearish expansion in H1 boxes, instead of bullish, it could be a bearish setup, because there was no H4 bullish expansion yet

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However, there was no bullish expansion in H4 boxes, instead bearish expansion in H1 boxes seen

 

Resistance in Gold around 1306; until this resistance is broken above, I would see it as a more possible bearish scenario now

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Bullish or bearish, all depends whether there is a bullish close above this resistance. I’m more seeing it as a resistance for further downside

 

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2 thoughts on “Maybe the first stage of bounce of Gold XAUUSD towards 1340”

  1. Lakshman Kedarisetty says:

    HI Binni,
    This trade seems to be a very tricky one. This is a test for patience and at the same time lot of learning from our analysis.

    regards,
    Lakshman

    1. Binni Ong says:

      yup, but there’s no trigger for this trade yet, so we see how it unfolds

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