Changing things.
Looks like I am going to have to change my upload timing, clearly I have been unable to keep up to date with what I originally began with as a result of awkward work hours, so I will be looking to upload one per week and be more specific, trying to gauge entry and potential movement over the next week or so. I feel I will also look more into forex and maybe other majors to build my understand of the whole market.
This fall from grace for Gold is continuing as the Dollar gains, it is looking as though the Dollar has easily broken through the 111 resistance I thought we would see and is pushing on upwards in the high 112 against the Yen.
For Gold though, I dunno, like all my horizontals that seemed to potentially highlight the bottoms have been broken. Most recently the $1238 mark, as we are now down to $1228, as sell volume continues to rise which can been seen by the huge red section in the current volume section on the chart.
This level of negative volume could be as of result of numerous investors positions hitting continuous SL's causing a massive sell pressure on the market put with a strong rally in the Dollar.
Therefore, Gold doesn't look good short-term but they do say when everyone is selling it is opportunity to buy and this might be the entry I keep talking about where we see a strong rebound. However this does all depend on what the Dollar does, making it harder to gauge whether a rebound soon is even possible really.
I am still waiting, the bears are clearly dominating the market and any chance of a change in this would require some very big dip in the Dollar. But saying that, the RSI shows clearly the precious metal is mightily undersold as well as breaking the lower limits of the Bollinger Bands and a very short -term entry (1-2 days) might yield some decent profits.
Peace.
The Naive Trader.
IG.com, 2018.
TradingView.com, 2018
This fall from grace for Gold is continuing as the Dollar gains, it is looking as though the Dollar has easily broken through the 111 resistance I thought we would see and is pushing on upwards in the high 112 against the Yen.
For Gold though, I dunno, like all my horizontals that seemed to potentially highlight the bottoms have been broken. Most recently the $1238 mark, as we are now down to $1228, as sell volume continues to rise which can been seen by the huge red section in the current volume section on the chart.
This level of negative volume could be as of result of numerous investors positions hitting continuous SL's causing a massive sell pressure on the market put with a strong rally in the Dollar.
Therefore, Gold doesn't look good short-term but they do say when everyone is selling it is opportunity to buy and this might be the entry I keep talking about where we see a strong rebound. However this does all depend on what the Dollar does, making it harder to gauge whether a rebound soon is even possible really.
I am still waiting, the bears are clearly dominating the market and any chance of a change in this would require some very big dip in the Dollar. But saying that, the RSI shows clearly the precious metal is mightily undersold as well as breaking the lower limits of the Bollinger Bands and a very short -term entry (1-2 days) might yield some decent profits.
Peace.
The Naive Trader.
IG.com, 2018.
TradingView.com, 2018
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