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  • #8,441
  • May 23, 2023 10:51pm May 23, 2023 10:51pm
Quoting parveenverma
{quote}Please mention here reason of this sudden growth.Any economic event update?Trade safe
I think u have some special update on US debt ceiling. If so please mention here so that we all traders can manage our RR.Trade safe
  • #8,442
  • May 23, 2023 11:38pm May 23, 2023 11:38pm
Quoting parveenverma
{quote}Please mention here reason of this sudden growth.Any economic event update?Trade safe
I don't think he has strong logic to support that the price of gold will eventually get to $2,100 per ounce.
Honestly, the Fed is coming to the end of its rate hike cycle and will probably start a rate cut cycle in the next 1-2 years, which will support gold to some extent to continue to rise, to where exactly it will go, who knows.
We can follow the trend.
Just follow the trend.
  • #8,443
  • May 23, 2023 11:41pm May 23, 2023 11:41pm
Quoting Oguzhan
expecting gold could go to $2100 level. just make sure your margin is under control.
Not in the near future
  • #8,444
  • May 23, 2023 11:43pm May 23, 2023 11:43pm
Hi guys, how do you trade gold today?
I still think gold will continue to fall.
The price is under resistance from the trend line above and is being recognized by the market.
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Just follow the trend.
  • #8,445
  • May 24, 2023 12:02am May 24, 2023 12:02am
Quoting lucaswalliam
Hi guys, how do you trade gold today? I still think gold will continue to fall. The price is under resistance from the trend line above and is being recognized by the market. {image}
I am believing this too, as Gold looks to drop below 1970, let's hope 1968-69 doesn't hold! C'mon Gold!
"Who Dares Wins"
  • #8,446
  • May 24, 2023 12:10am May 24, 2023 12:10am
Ranging in the zone.- S 1955 R 1987
Obvious to drop lower, but long term trend is still bullish, depending on dollar debt sealing, trade safe
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  • #8,447
  • May 24, 2023 12:18am May 24, 2023 12:18am
Weekly V pattern forming, but not just yet ready to change direction. We will see
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  • #8,448
  • May 24, 2023 12:56am May 24, 2023 12:56am
Quick Scalp on Gold using Supply & Demand Zones

Open: 1973.86
Close: 1974.85
Pips: 99

Although there were no strong demand zones around the buying area; but i was hoping to enter the buy trade only to enter a short position hoping for reversal at 5-Min supply zone. Price Later touched the expected area where i entered the short position

I am currently tested various strategies therefore not holding on to my positions for longer period.
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Stay Positive
  • #8,449
  • May 24, 2023 1:34am May 24, 2023 1:34am
Quoting Ravenfeeder
{quote} I am believing this too, as Gold looks to drop below 1970, let's hope 1968-69 doesn't hold! C'mon Gold!
I hope it makes it to 1955.
At least technically shorting is advantageous, but one needs to beware of U.S. economic data as well as speeches by Fed officials, who are always against me.
Just follow the trend.
  • #8,450
  • May 24, 2023 1:40am May 24, 2023 1:40am
Quoting lucaswalliam
{quote} I hope it makes it to 1955. At least technically shorting is advantageous, but one needs to beware of U.S. economic data as well as speeches by Fed officials, who are always against me.
I am feeling you at this point. Imagine my frustration, Gold goes up just as I post it may drop through 1970. Did I jinx it? I'm not superstitious, lol, but Gold can be deviously deceptive. Let's hope the Yellen speech and Powell speech is hawkish and helps it drop, which could well happen, seeing as they WILL HAVE to raise the debt ceiling in time, which will boost the DXY/Treasuries.

They're just stretching it out for effect, kinda like a form of market manipulation, I think. I am keeping fingers crossed gor all us shorties.
"Who Dares Wins"
  • #8,451
  • Edited 2:51am May 24, 2023 1:48am | Edited 2:51am
I think Gold in the overall picture is still in a strong uptrend.
gold might hit the strong trendline (range: 19930-1940) before bouncing back up and making hopefully higher or ''as high'' high.
if the trend line is broken, we may see the beginning of a strong downtrend bringing the prices of gold down from the 1900 levels.
It all depends on the debt ceiling debate now. we just need to wait but it will retest the 1950 level in my opinion.

tell me what you guys think!

trade safe
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  • #8,452
  • May 24, 2023 1:54am May 24, 2023 1:54am
Quoting Ravenfeeder
{quote}Gold goes up just as I post it may drop through 1970.
not totally unexpected...
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  • #8,453
  • May 24, 2023 1:57am May 24, 2023 1:57am
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Maybe it want to test 198x again.
Scalp long from 1975 SL 1973
Don't mind me.. i'm crazy
  • #8,454
  • May 24, 2023 2:03am May 24, 2023 2:03am
Quoting josi
{quote} not totally unexpected... {image}
Haha, thanks for the clarity! I'm now watching from the sidelines. I hope you trade safely today
"Who Dares Wins"
  • #8,455
  • May 24, 2023 2:15am May 24, 2023 2:15am
Quoting Ravenfeeder
{quote} Haha, thanks for the clarity! I'm now watching from the sidelines. I hope you trade safely today
Price cross below daily support means retracement up to1969,1965,1961 in progress.But stop hunting is in progress also.Trade safe
  • #8,456
  • May 24, 2023 2:19am May 24, 2023 2:19am
Quoting purevenom
{image} Maybe it want to test 198x again. Scalp long from 1975 SL 1973
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M5 top rejected, so i move to BE and got hit.
If daily close above 1982, i think it want to go more up.
Don't mind me.. i'm crazy
  • #8,457
  • May 24, 2023 2:54am May 24, 2023 2:54am
Quoting parveenverma
{quote} Price cross below daily support means retracement up to1969,1965,1961 in progress.But stop hunting is in progress also.Trade safe
Hi Parveen, I appreciate your insight, and reassurance! I hope you are having a good trading day so far? I am also sure it could drop again, it is still set up for a bearish bias short term, I can afford the ranging, will buy if establishes above 1985
"Who Dares Wins"
  • #8,458
  • May 24, 2023 3:08am May 24, 2023 3:08am
Quoting Ravenfeeder
{quote} Hi Parveen, I appreciate your insight, and reassurance! I hope you are having a good trading day so far? I am also sure it could drop again, it is still set up for a bearish bias short term, I can afford the ranging, will buy if establishes above 1985
Hey Buddy! what's up? While price cross below 1963 that time was confirmation for me that retracement can happen before upward move i am expecting.I am selling now but a little doubt in my mind. almost all untested levels have been tested of this range but one untested level they left @1978 area.price can attack anytime to test that level.i am hopping that it would be tested after the retracement completion but if it tested before then retracement can squeeze only upto 1968-1969 area only.let's see......Trade safe
  • #8,459
  • May 24, 2023 3:32am May 24, 2023 3:32am
Quoting parveenverma
{quote}Hey Buddy! what's up? While price cross below 1963 that time was confirmation for me that retracement can happen before upward move i am expecting.I am selling now but a little doubt in my mind. almost all untested levels have been tested of this range but one untested level they left @1978 area.price can attack anytime to test that level.i am hopping that it would be tested after the retracement completion but if it tested before then retracement can squeeze only upto 1968-1969 area only.let's see......Trade safe
Not much, but I have a short at 1965, 1960 and 1955 (LOL, crazy I know, was hoping it would drop yesterday after NY open!), so I am holding out to see what the news will do! I'll take out my sells @ BE if it gets there, I just want to be out before Gold starts a new, persistent rally :/

I am sure selling at the height now isn't too risky an option, it looks like the Bull pressure is fading, not making new highs, but news can screw all that up again.
"Who Dares Wins"
  • #8,460
  • May 24, 2023 3:41am May 24, 2023 3:41am
Quoting Ravenfeeder
{quote} Not much, but I have a short at 1965, 1960 and 1955 (LOL, crazy I know, was hoping it would drop yesterday after NY open!), so I am holding out to see what the news will do! I'll take out my sells @ BE if it gets there, I just want to be out before Gold starts a new, persistent rally :/ I am sure selling at the height now isn't too risky an option, it looks like the Bull pressure is fading, not making new highs, but news can screw all that up again.
Yesterday's little drop was because of Daily resistance I have posted it otherwise I am bullish till 2005-2006 area if we keep these time spending retracement aside.Today I am expecting maximum retracement up to 1961 as per my 4H TF untested level.There is liquidity zone below if you will be lucky than price can attack that area for Liquidity grab purpose before move upward.Trade safe
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