Gold Rally's on the back of Heads 'n' Shoulders Pattern

٢١ أغسطس ٢٠٢٤

Gold has recovered beautifully in the past hour or 2.

Very recently the push upwards relates to a bullish Heads 'n' Shoulders Pattern on the 1m, 2m, 3m timeframes.

* DYOR as well. Please don't rely solely on my investment advice.

Regards,

Chris

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Current pullback appears to be a fib retracement to 38.2% from recent rally on lower timeframes hns.

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A bearish M-top very evident on the 3m chart had also formed. Price should push back up shortly

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I bought again on that last pushdown....breakdown of the 38.2

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You will notice the 38.2 level holds say on a 1m timeframe for maybe 5 or so minutes. Often there is then a pushdown on the candle which usually represents a good time to buy.

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See how price springs back upwards after the M-TOP sell-off on the lowertimeframes. Factor in a perfect support of price at the 38.2 fib level top to bottom of most recent structure on lowerframe.
There is usually a break of structure of the 38.2 for 5 seconds. Bingo. There is your buy.

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Still Long... Gold price looks healthy with upwards momentum
I see that the USDX recently broke lower from a 5m triangle. This is good for Gold, of course. USD might head to $1 by friday.

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Another push-down on the 1m to a 38.2 into a buy order block.

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Sorry guys... I got that wrong today. Sorry for the delay. I had to get short.

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Precious metals are recovering. Gold about to cross a bullish neckline on the 5m timeframe.
I see worryingly that the Vix Index is up today. The nonfarm revised maybe and the tensions with a possible ceasefire in the middleeast Israel etc.

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LONG XAUUSD: About to get a strong push up as 2506 is taken out.

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USDX about to take a new low

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Long Gold.... Take a look at USDX breaking down now. $1 here we come.

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We could get a Fib retracement back to the 50% or 38.2% from the last move up soon. 15m Stochastic is a bit overbought.

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Long Gold:
You can see here on the left 1HR chart how strong this hourly candle is and above the important 50EMA (dark-blue) on the hourly and now pushing up on the 20EMA (light-blue).
* 50EMA on the Hourly for gold is very important.
Thanks for visiting my channel today.

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Long: Fib retracement
It could wind back to 2506 (38.2%)...where you could scale in with a small order to buy.
*Trading is risky. Don't rely solely on my financial advice.
Cheers,
Chris

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LONG XAUUSD:

Price on the 1m chart & Fib retracement is mounting support around 2507.25 which you guessed it also the 50EMA on the 1HR. Price could fall back a bit lower with a liquidity run before price starts to ascend again
Cheers

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Long: It is very common for bullish W/bottoms to rally & then have a deep retracement, that is how I find it and I trade many of them.
15 Stochatics is getting oversold. So price should recover soon.

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Long Gold:
I see where the VIX index is up high today. I watch it closely. That way I don't have to listen to some news Squalk.

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ملاحظة

More to do with a possible ceasefire with Israel etc.

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Long: Gold:
That was a bloody deep pull-back. Good to see price back above the 50EMA on the hourly 2507.

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Possible Take Profit Scenario coming off this 5m W/bottom.
Guys, the take profit at 2516 would be a 0.38% increase in the Gold price from here. It may happen later in New York session. FOMC Meeting Minutes are out later today. This could have a bearing on the Gold price either way.
In the chart is the old - skool way to work out TP for W/bottoms and M/tops

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Daily Timeframe:
Guys, here is XAUUSD Daily chart. There's even some bullish Cups formed under price.

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Possible TP: 2516...up to you guys or accumulate the gold price.

That last leap in price is due to a Cup that formed on the 1m. There is a handle being written now.... so it is all bullish imo.

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Long gold:
We have come up against Double/Tops on the lowertimeframes, these ban be bearish if price action and buying is not strong. Price has momentum recently & I am hopeful we will push through pretty quickly.

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We made it to my project 2516 Take Profit. We bought right at the bottom in the W/bottom on lower time frames. USDX is turning around & looking a bit bullish for the next little while.

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1 final thought for today before I get some rest here in Australia. I've been trading 18 hours a day lately...
The USDX has turned around but it may roll over soon as seen here with an overbought 15 timeframe Stochastic... This could stage a late rally for gold.

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ملاحظة

You can see in the following illustration that when you factor-in an RSI with a Stochastic you get 2 very powerful buy and sell signals. They are more powerful on the higher-timeframes which is why I watch Daily & Weekly levels. But never listen to anyone who says they don't work. I was not watching properly at the time but I did mention just before the $ started to bounce back that there was some bottoming forming...see my earlier thread...its there. Here is that 15m RSI & Stoch. Notice what happens when both cross up the Green Lines respectively.
Cheers,
Chris

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ملاحظة

Same thing would apply to anything overbought. You would need the 15M RSI & 15M Stochastic (with the settings default....don't change anything) crossing down the 80 red line and 70 line on RSI. When this sort of thing occurs on High-time frames & especially the Weekly & Daily converging at the same down, you can ride for example currency pairs for days and days. It will work better on these big timeframes.