I did not understand what you mean by this chart see rising gold or say?
XAU/USD & XAG/USD - Gold & Silver Traders Thread
{quote} Imho.. us ADP nos was good bearish for gold I am look it sideways till N F P on friday... Chances it drop below 1300 up to 1290x...
It's over 1320
You came here for the truth and let me unveil it for you
(don't have crystal ball yet)...
- #43,208
- Sep 3, 2017 11:32am Sep 3, 2017 11:32am
Chart show early sign of bull exhaustion. However, North Korea just made chaos today and suspecting having a nuclear test today. Lets see how chart form out on Monday morning. 
Perhaps can get better entry to short.
Perhaps can get better entry to short.
- #43,209
- Sep 3, 2017 3:33pm Sep 3, 2017 3:33pm
- Joined Dec 2015 | Status: Trader | 8,782 Posts
Here's a top-down technical outlook on GOLD.
On the weekly time frame, the order flow has been strongly under the control of buyers since July 2017. Last week, a strong bullish candlestick showed the intent of buyers to follow through the bullish rejection candlesticks formed in the previous three weeks. The technicals on the weekly time frame favour further northward move, which may target the immediate resistance around the 1338.20 area; this area was last visited in November 2016 and marked the origin of a strong bearish move to the low of December 2016. Note that a resistance trendline (chocolate colour) is operating from the high of August 2011 and may have to be decisively breached northward for this to materialize. Should this happen, this is likely to expose the 1375.40 area.
On the H4 time frame, price action, which has been operating in an ascending channel (bound by magenta coloured lines) for much of July and August, recently moved distally and broke the upper channel line. It is now respecting a support trendline (navy colour) and operating above the monthy central pivot. In view of the bigger picture on the monthly time frame where buyers are dominant and the weekly time frame where the order flow is under the control of buyers, this move is indicative of an increase in momentum for further northward move. Thus, we may see further upward move, perhaps to the 1330.0 area, before any pullback occurs.
I may be wrong. Trade safe and prosper.
KP
On the weekly time frame, the order flow has been strongly under the control of buyers since July 2017. Last week, a strong bullish candlestick showed the intent of buyers to follow through the bullish rejection candlesticks formed in the previous three weeks. The technicals on the weekly time frame favour further northward move, which may target the immediate resistance around the 1338.20 area; this area was last visited in November 2016 and marked the origin of a strong bearish move to the low of December 2016. Note that a resistance trendline (chocolate colour) is operating from the high of August 2011 and may have to be decisively breached northward for this to materialize. Should this happen, this is likely to expose the 1375.40 area.
On the H4 time frame, price action, which has been operating in an ascending channel (bound by magenta coloured lines) for much of July and August, recently moved distally and broke the upper channel line. It is now respecting a support trendline (navy colour) and operating above the monthy central pivot. In view of the bigger picture on the monthly time frame where buyers are dominant and the weekly time frame where the order flow is under the control of buyers, this move is indicative of an increase in momentum for further northward move. Thus, we may see further upward move, perhaps to the 1330.0 area, before any pullback occurs.
I may be wrong. Trade safe and prosper.
KP
Do your homework, follow the footprints of smart money
- #43,210
- Sep 3, 2017 5:14pm Sep 3, 2017 5:14pm
- Joined May 2015 | Status: Observer | 1,981 Posts
We err, and err, and err again, but less.
