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Overbought condition of Gold....Selling off so far..Some Support

https://www.tradingview.com/x/HU3jDnES/

Gold price really knocking down hard on the 80 level of the Daily Stochastics...It is down around the 72 level....Weekly Stochastics is sitting above the 80 level at about 84.

Price has sold off but found some Daily time frame support around 2483.

I am awaiting 2 x Significant economic reports over the next 20 minutes....then we might look or a trade on the first pullback retracement. I hope it is LONG.

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Short guys at least I am... WEEKLY stochastic is pressing hard down on 80... Double bottom on 2m did not hold. SL 2493

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slicing through resistance.... red box

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short XAU USD:
2432 I am looking at as a possible TP....I think around 4% on the day at that level. I will monitor for signs of reversals..

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So long as that Weekly stochastic is not flinging back up to the 80 level I am staying short. Take a look

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Short still active:
Disclosure: I have booked up most of my profits in this trade. I suggest a tighter stop around 2483 trailing stop and that should still be a tidy profit. But this will probably break lower imho.

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Use a trailing stop around 2483 for your short.
This double bottom i think is the start of a move upwards.
We might go long soon.
I just want to wait for the weekly stocastics to get well above 80 and to see where this is heading next.

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I am short again on a break of the low about 2470

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Short below 2470.
We never really got above and broke that 38.2 fib level and momentum is still down.

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Hang in there...If you didnt make much on that first short... I feel your pain... I gave up a fair chunk of my profits getting greedyand shorting GBPUSD gold way too late.

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USDX is now up 0.39% for Thursday.

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By the much clever EMRekB...MSB-OB is the name of that wonderful Order Block..free on TV

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State of affairs for Gold: XAUUSD
I am still getting bearish signals on the stochastics.
we have not broken upwards of the 38.2% fib level.
However, bullish w/bottoms are getting written on the lower time frames.
Unless we get a break of the low 2470, I wont be shorting.
Cheers,
Chris

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a break above 2483.50 would be a legitimate Long from here.
Under 2470 I will get short again.
I have no active trades currently.

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That last candle was bullish but check the volume....nothing...market makers are just manipulating price...

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to play it safe for worry of a false break upwards... I am looking for a very bullish candle or two after the neckline break and then a buy order into a fib retracemeent.'
don't get caught guys

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LONG trade might be coming up. Don't get caught in a false break. Lets wait for a retraement into a fib zone.

USDx is looking bearish again. We might be going upsoon

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This could break either way still.
USDX has formed a W/bottom...if it forms it will move higher that is what the stochastics indicate. Weekly stochastics for Gold are still bearish.

Not

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I am watching this top left USDX double bottom for any signs of a break down. Gold will go up then. Weekly stochstics are back up near 80.
Cheers,
Chris.
Don't get caught in a false break, wait for a retracement fib level. I will send a signal

Not

USDX is starting to break down again

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LONG XAUUSD:
These recovery longs are usually slow.
I. have scaled back in with some small long orders.
Still a bit risky in my opinion.
I wanted to see USDX break the Double bottom.
But I am in Long. These are good low levels to be long gold

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At these low price levels I will stay long and short bigger under 2470 break.
* trading is risky... don't rely solely on my fiinacical advice.

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I am long gold with small lot size. I will accumulate. Short bigger under 2470 if I have to...Weekly stochastics is comfortable back above 80 level.
the w/bottom was very lazy looking and not bullish imho
but we broke the above the 38.2 fib level...

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USDX is trying to break the double bottom lower supportive of gold. Going forwards next week I see the USDX rallying as it is very oversold. Gold price needs a good push up today. Or it could be going lower.

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The weekly gold Stochastic level is back above 80 at around 80.5. I don't want to see it back down around 76 or it could be lights out and a big push down.

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Long gold XAUUSD
We just had a break out of the green consolidation box on 5m

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But as can be seen below there is. no cooperation from the gold-bulls... volume is low.

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On left of screen above is the USDX on 15m & I see a bearish order block I also see that the 5m and 15m stocastic is a bit oversold. I am hopeful of a push down on usdx in the next 20 minutes.

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Over bought correction....sorry

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top1 and top2 have emerged on the 1, 2, 3m timeframes. We need to break these tops which is unlikely at this snail pace. Price will head swiftly lower if these tops are not taken out with strong price action upwards soon.

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Consider Short:
Price action has breached below this MTOP... but we need a break of 2470 as well for further short.

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Short: Breach of MTOP:
SL: 2488

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Or tighter 2487.

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Short XAUUSD at beach of neckline.
Price is forming nicely under moving averages.

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I will also short under 2470 especially if price moves very aggressively through this area at market price.

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Short trade further:

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2479 level is an official take profit if you took the Mtop short.... or if you're aggressive like my you will take it lower.

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USDX:
USDX has broken north out of the bearish order block on the 15m. This is good for our short down.

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short trade is supported by weekly stochastics turning bearish again pressing down on the 79 level currently. I want to see 75 soon.

Emir iptal

MTOP pattern offically completed... I locked in profits. I did give you the TP area.. I was gonna hold but until we break 2470 we have no clear direction of price action either direction.
Cheers''
Chris

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Price action will now retrace upwards in all liklihood to retest the highs of top1 and top 2 on the 1,2,3m timeframes....Then who knows

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USDX
USDX is about to test it's high from about 24 hours ago and perhaps breakout...Gold will probably reverse down aggressively if USDX rallys hard... A break of 2470 short.

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I keep a keen eye on the VIX-INDEX....I don't listen to news...in fact I never watch tv...strange because I was once a Netflix junke.... I am always focussed on trading I think.
There is a bullish cup and handle on the VIX 5m... this is not good... going into friday. I see that US stocks and indicies are bearish.

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The USDX 5m and 15 overbought I was talking about not long ago. The 5m & 15m rsi and stochastics are crossing down now. I dont rely much on the 5m stochastic but i find the 15m to be accurate in determing reversals.

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Lol... I made so much money the past month trading precious metals... I don't skite so I won't say how much but a substantial amount.
BUT.... this week I am in the red... I got greedy a couple times... When you get greedy, the market makers who manipulate price sometimes hammer you!!! Always scale in with lower lot size.

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So what are all of your music tastes. I am now 52 but when I was 25-30 I loved techno and high energy trance. These days my favourite Genre is cool Jazz which is a bit like techno but not on steroids. When Im trading I almost always listen to cool Jazz music with my surround sound system. It really relaxes me and keep my pcychology a lot better because I am an axious and angry type sometimes lol.
If you like 'cool jazz' music the online station I listen to is called ABSOLUTE CHILL. They are onnline out of the UK I think...I am an Aussie .

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This bloody Gold price is consolidating for the past 20 minutes on the 1m... I wonder if it will break out soon... that is what tends to happen right as the pressure mounts. Let's see.

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USDX update:
Rolling over a bit on the 15m stochastic and rsi

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Guys...I am going long if we break above this consolidation zone because it would also take out the double tops and USDX is pulling back.

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LOng on breakout of Consolidation zone 1m
stop loss 2480.80

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LONG GOLD:: I like it:)
sl: 2480.80

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I want to see USDX break below and out of this triangle.

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Exit long guys

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USDX is up again.... and weekly stocastics are beating down again on 80

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Now USDX breaks down a bit... trade was good.. but they took our spot... I might get back in...still some momentum from that contraction

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It's been a tought day to trade gold.
1. we got the initial short.
2. we got the mtop break short.
3. I let one through on that consoldiation zone break which was weak with no volume.
I see the USDX is breaking down a bit.

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I have been short the last 10 minutes. An aggressive move under 2470.

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Short under 2470. keep a mental stop. Trade safe please . dont risk toomuch

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Weekly stochastic is hammering down on 80 and below again

Emir iptal

Well the range in the New York session was 2494 to 2470...pretty boring price action apart from the sell-off at the start.
I will be back tonight my time here in Australia & we will do it all again, if you want.
Have a top Thursday,
Regards,
Chris

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