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Can you tell that Gold is in a downtrend?


Gold is definitely facing stiff resistance at $1685 and has been capped by this significant resistance zone $1685-$1700.The chart below clearly illustrates the fact that the yellow metal is in an obvious downtrend and I can only see it intensifying over the coming weeks. Price action early this week is in the consolidation mode and thus we are able to spot an inside bar fake-out from a significant level. Notice the high of the fake-out bar has been rejected from the downtrend line. That's simply a clear indication of yet another profitable bearish impulsive wave. Traders can enter at the current levels and look to protect their profits upon reaching the next support 1652.19.
Attached Images (click to enlarge)
Click to Enlarge Name: gold daily chart 05 feb long term view.gif Size: 20 KB Click to Enlarge Name: gold daily chart 05 feb.gif Size: 18 KB
PRICE ACTION is the only real time indicator.
friday i went short at 68 but then i closed my order ...now i am long at 65 and 67 only because i thought the range would break soon and if i am to be caught in the wrong side of the movement ..i better be long..i have my stoploss at 1615....lets see....reading posts here i am a little scared..i have been bearish on gold too lately...but this 1660 is the midpoint of the big range...and i would rather go long here..atleast i can then buy again at 1600 area and cover ......but it's monday ..there shoudnt be any big movements today..but it should cover for friday atleast..what a boring day it was
Quoting Fx Hiflyer
friday i went short at 68 but then i closed my order ...now i am long at 65 and 67 only because i thought the range would break soon and if i am to be caught in the wrong side of the movement ..i better be long..i have my stoploss at 1615....lets see....reading posts here i am a little scared..i have been bearish on gold too lately...but this 1660 is the midpoint of the big range...and i would rather go long here..atleast i can then buy again at 1600 area and cover ......but it's monday ..there shoudnt be any big movements today..but it should cover...
i think trend still bearish...i'm short from 1664......
xzau.usd todays play

opened 1667-1669

current 1656.72
retrace potential to 1665 and as high as 1671
but trend is still bearish and remembering bottom of last drop was 1653-jan 28,2013
keeping in mind that ascending tl support from may 13, 2012 was breached at 1659....let's see if daily will close below this and therefore keeping bearish trend.
resistance is from previous support points are approximately 1661, 1663 and 1665

gl and green pips to all
Wooooohooooo or Boooooohooooo
Quoting Fx Hiflyer
friday i went short at 68 but then i closed my order ...now i am long at 65 and 67 only because i thought the range would break soon and if i am to be caught in the wrong side of the movement ..i better be long..i have my stoploss at 1615....lets see....reading posts here i am a little scared..i have been bearish on gold too lately...but this 1660 is the midpoint of the big range...and i would rather go long here..atleast i can then buy again at 1600 area and cover ......but it's monday ..there shoudnt be any big movements today..but it should cover...

good luck hiflyer and hope you have great money management.

on the high side you can break even if it retraces....but on the low side yes 1635 is next support
Wooooohooooo or Boooooohooooo
Quoting elekboy
i think trend still bearish...i'm short from 1664......
with this market of slow moving and ranging a $5-$10 profit is good enough for daily scalping.
Wooooohooooo or Boooooohooooo
Quoting gnomoneey
good luck hiflyer and hope you have great money management.

on the high side you can break even if it retraces....but on the low side yes 1635 is next support
they are small lots ...but i am waiting to buy at 51 again...or just wait for 35
Quoting gnomoneey
with this market of slow moving and ranging a $5-$10 profit is good enough for daily scalping.
touch my tp on 54.....n still down...omg....lol
Quoting elekboy
touch my tp on 54.....n still down...omg....lol

nice trade.....couldn't watch the market all day...missed all the fun....
Wooooohooooo or Boooooohooooo
can someone post a chart of gold....no access to charts....thanks in advance

G
Wooooohooooo or Boooooohooooo
Quoting gnomoneey
can someone post a chart of gold....no access to charts....thanks in advance

G
what timeframe?
H1
Attached Image (click to enlarge)
Click to Enlarge Name: xau.jpg Size: 92 KB
Quoting iak_fx
what timeframe?
H1
Attachment 1134646
perfect....
what ma settings are you using
Wooooohooooo or Boooooohooooo
Quoting gnomoneey
perfect....
what ma settings are you using
ema
200 green
100 red (not in that screenshot)

ema turned out to be working better as kind of filter for gold, currencies i use simple ma.
Quoting iak_fx
ema
200 green
100 red (not in that screenshot)

ema turned out to be working better as kind of filter for gold, currencies i use simple ma.
thanks....and yes i use something of sort with h1...it really seems to work well with gold.....
gl and thanks for the charts....

i think for now we are getting the 1635 support respected.....lets see where we can go from there....with your chart resistance is at 166x area....
todays range is at 1642-1651 from todays price action
Wooooohooooo or Boooooohooooo
Quoting gnomoneey
thanks....and yes i use something of sort with h1...it really seems to work well with gold.....
gl and thanks for the charts....

i think for now we are getting the 1635 support respected.....lets see where we can go from there....with your chart resistance is at 166x area....
todays range is at 1642-1651 from todays price action
yes 1660area is important. seems like a retrace going on atm. i am not scalping - more higher timeframe trades turned out to work better for me. my stop is around 1667, but to be honest i don't think we go up there next few days. looks really short.
my D1 chart
Attached Image (click to enlarge)
Click to Enlarge Name: xauday.jpg Size: 173 KB
Quoting iak_fx
yes 1660area is important. seems like a retrace going on atm. i am not scalping - more higher timeframe trades turned out to work better for me. my stop is around 1667, but to be honest i don't think we go up there next few days. looks really short.
my D1 chart
Attachment 1134658
iak_fx can you post a weekly please....
Wooooohooooo or Boooooohooooo
Gold could go below 1640 first and then 1655
Stocktwit: LuisCarlos - twitter: @lcparodi
here you go. ignore those fibs please
Attached Image (click to enlarge)
Click to Enlarge Name: xauw.jpg Size: 119 KB
Quoting Luis Carlos
Gold could go below 1640 first and then 1655
anyone wants to learn from the best EW, pm Luis on how to do it....or pm me.....
Wooooohooooo or Boooooohooooo
Quoting Luis Carlos
Gold could go below 1640 first and then 1655
hi luis,
any chart or smth?
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