Comex
Gold Future breakout from falling wedgeAfter G20 meeting and outcomes related to pause of trade war between US and China brings Dollar index to cool down from High level.
Technically Gold future continuous contract breakout from falling wedge pattern and to consider this breakout and price forecast it can rise up to $1261-$1266.
Now $1222-$1224 act as support.
CSX:IVH OTC:IVPAF Ivanhoe MinesSmall-cap: IVH or OTC: IVPAF showing potential entry. Shown here is 2h chart.
* Fib retracement on 1D indicates entry at near 1.50-1.54 and currently at 1.57.
* CCI coming up to entry zone
* Falling wedge coming to Fib resistance zone .768 (1.50-1.54)
* Relative Strength nearing breakout, or if falls below 1.48 review position
* Copper prices were strong in 2017 and weakened in 2018. investingnews.com
* Nickel is byproduct of copper mining and likely behind deal with CITIC. investingnews.com
investingnews.com
* Zinc also potential driving this one back up.
* IVH chart from Investing News Network investingnews.com
* Active projects in CAN and South Africa
Hit copy, make mine and change to 1D and 1W and add Fib retracement.
This is mining small-cap/micro-cap stock, so risk beware and make own conclusions.
GOLD Bullish DiverganceGold price reached a possible reversal zone at the uptrend line on the weekly time frame. You can read this post for more details, just click on the link in the related ideas below this post. If we look at the daily chart , we can see a buy signal based on a bullish divergence . The price bounces from 1220.00 level and RSI confirms the price reversal in the oversold zone. MACD histogram supports the possible upward movement. DMI is still bearish and confirms the strength of sellers and that's why we should use pending orders and a breakout signal for buying. If price moves above the resistance zone formed by the weekly uptrend line, SMA20 and 1240.00 resistance level , we'll get additional signal confirming the upward movement. Entry level should be above 1245.00 with stop orders below the local swing low at 1210.00 level. The main profit target should be at 1300.00 level. If the price breaks this resistance, the next target will be 1350.00 level.
Is gold conscious of the red trend line?Gold came to see the shape of downtrend.
Gold has not reached YPP (P) 1269.009 and is trying to fall again.
Please look at the weekly,You can also see the red trend line being conscious.
weekly
But I decided not to use this line because of my discipline.
So I will not do anything now.
There is no reliable horizontal line near here.
Therefore, as usual, I wait for the entry since I attracted somewhere to PP.
<< tactics >>
1-1) It got up and reached near YPP (P) 1269.009. It functions as a resistance line.
short.
The first limit is decided with reference to WePP of the next week.
The second limit is on MPP (S1) 1229.533.
1-2) It got up and reached near YPP (P) 1269.009. It penetrated above.
Because it assumes down trend, I do not do long entry.
2-1)It got down and reached near MPP (S1) 1229.533, which functions as a support line.
Because it assumes down trend, I do not do long entry.
2-2)It got down and reached near MPP (S1) 1229.533, penetrated downward.
Short entry will be done once it functions as a resistance line.
The first limit is decided with reference to WePP of the next week.
The second limit is on MPP (S2) 1206.045.
I would be grateful if you like it idea,give me follow or agrees!
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Brown thick line: Yearly Pivot Points (YPP in the text)
Light blue thick line: Monthly Pivot Points (MPP in the text)
Green thin line: Weekly Pivot Points (WePP in the text)
Indigo thick line: Horizontal line or Trend line seen by weekly or monthly
Indigo thin line: Horizontal line or Trend line seen by 4hourly or daily
Indigo dotted line: outstanding round number.
Red thick line: Untrustworthy line for me
Red curve: EMA 20 close
Indigo curve: EMA 200 close
Green curve: EMA 800 close
Black curve: EMA 1600 close
x mark: Line which may not function
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Would gold decide to Downtrend?It is gold down since last Friday, but it is currently staying under YPP 1269.009.
If YPP functions as resistance as it is, if the trend line of the weekly feet below (currently around 1242.000) also goes down, I think that it is the aspect of the downtrend.
weekly chart
As the most recent trade.
1) Judge that YPP 1269.009 functions as a resistance.
Short and set limit above MPP 1258.160.
2) Pull out YPP 1269.009
MPP 1278.303 is above YPP1269.009, I think that the immediate long is difficult.
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Brown thick line: Yearly Pivot Points (YPP in the text)
Light blue thick line: Monthly Pivot Points (MPP in the text)
Green thin line: Weekly Pivot Points (WePP in the text)
Indigo thickLine: Horizontal line or Trend line seen by weekly or monthly
Indigo thin line: Horizontal line or Trend line seen by 4hourly or daily
Indigo dotted line: outstanding double zero
Red curve: EMA 20 close
Indigo curve: EMA 200 close
Green curve: EMA 800 close
Black curve: EMA 1600 close
x mark: Line which may not function
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