Tool Box:
1. Dow Theory - First HH Printed after Bearish Channel Breakout. - Bullish
2. Candle Sticks - Bullish Engulfing at Channel Breakout - Bullish
3. S & R - 2050-2070 Range will play as Strong Resistance.
a) Trendline
b) Cup Neckline
c) Fibonacci Level
This Range could be considered a Strong Resistance as has been respected multiple times which could result downtrend. - Bearish
4. Trendline - Trendline acting as resistance.
5. Fib - Currently in range between (0.786-1)
6. Chart pattem - Cup & Handle
7. Seasonals and Timecycles - USD Index reflects Bearishness as per seasonals. Whereas Gold reflects Bullishness as per seasonals (+VE 8/12).
8. Divergence - RSI has given Divergence - Bullish
Biased: Long
Bullish Idea (Long Term):
Buy 1: HERE
Buy 2: above 1850
SL: 1735
TP 1: 2050 - 2070
TP 2: 2347
TP 3: 2690
Bearish Idea:
As it can be witnessed, 2070 has been a Strong
Rejection Area and this could be a "Double TOP"
Pattern and we can Witness a serious price action.
1. Dow Theory - First HH Printed after Bearish Channel Breakout. - Bullish
2. Candle Sticks - Bullish Engulfing at Channel Breakout - Bullish
3. S & R - 2050-2070 Range will play as Strong Resistance.
a) Trendline
b) Cup Neckline
c) Fibonacci Level
This Range could be considered a Strong Resistance as has been respected multiple times which could result downtrend. - Bearish
4. Trendline - Trendline acting as resistance.
5. Fib - Currently in range between (0.786-1)
6. Chart pattem - Cup & Handle
7. Seasonals and Timecycles - USD Index reflects Bearishness as per seasonals. Whereas Gold reflects Bullishness as per seasonals (+VE 8/12).
8. Divergence - RSI has given Divergence - Bullish
Biased: Long
Bullish Idea (Long Term):
Buy 1: HERE
Buy 2: above 1850
SL: 1735
TP 1: 2050 - 2070
TP 2: 2347
TP 3: 2690
Bearish Idea:
As it can be witnessed, 2070 has been a Strong
Rejection Area and this could be a "Double TOP"
Pattern and we can Witness a serious price action.
