Gold hits resistance

Gold has hit resistance and has been slightly rejected at that zone. This rejection is very significant since it is at the third time of asking. Sellers are exoected to sell off the metal.


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GOLD PRICE ACTION: Inside Bar Trade Setup. August 13, 2013.

 

Gold has failed in its bid to breakout long, closing below its Psychological level of 1325. I had indicated that the bias could only change from bearish to bullish if price were able to close above breakout line. It didnt manage to do that. The Inside Setup we now have is a good indication for the the bears to fall back in and probably send prices lower back into its demand zone.

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GOLD PRICE ACTION: Pulls higher from Pin bar Trade Setup, breaks through resistance Zone. August 12, 2013

 

In the previous analysis I did on the metal, I talked about the possibility of the metal staying contained within a trading range unless we got a breakout from he range. We didn't really have to wait too long as the pair continued moving higher in today's trading, breaking through its resistance zone. If tomorrow's trading fails to counter this minor bullish break, the pair would aim towards the breakout line from where the bias on the pair would change completely to bullish from it previous bearish disposition.

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Gold Price Action: Against Market Open, August 11, 2013. Pin Bar Price Action pulls higher, within Supply Zone.

 

Gold is slowly grinding higher after price fell back within its Demand Zone. No extensive bullishness is expected until we get a second bullish break on the pair. But where it fails and gives a sell setup instead, at about its Psychlogival level, Sell entries would be made. In the meantime, this points to the fact that we might be in for a ding-dong on this pair, until we get a clear break north or south (The time maybe, for Channel traders).

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Gold Price Action: Closing Price Reversal Setup. May 20, 2013

 

In my price Action Commentary on the metal on the 14th May, I discussed the Pin Bar (off confluence zone) Price Action Setup which was preceded by the Inside Bar price Action of the 13th of May. In both commentaries, I recommended going short on expectations that price should attempt to dash towards support. That entire scenario has come to complete fulfillment and with the massive profits taking at the Support zone as witnessed in today's trading after an initial sell off in early Asian Session, we could be in for a minor bullish stage. The Closing Price Reversal Setup as it appears at today's market close, could trigger the bulls into action.

My Recommendation: I would advice traders sit-out this setup since I am a huge advocate of trading with the major trend. 

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Gold Price Action: Pin Bar off confluence zone, May 14, 2013

 

 In yesterday's commentar, I gave a bearish recommendation based on the notion that we could have a failed break of the New Resistance.  Savvy traders would have taken advantage to get in on a good price for the expected bearishness on the pair. The Pin Bar Price Action Setup after the inside bar from yesterday's trading should help send prices even lower, probably, back into Support as shown in the chart above.

My Recommendation: Remain Bearish.

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Gold Price Action: Inside Bar Price Action Setup, May 13, 2013

 

The last time I ran a commentary on Gold (April 24), I talked about the possibility of price resuming it bearish run from about its present zone, when price gave off an inside bar at the close of trading for that day. But the bulls managed to push the Metal further long but it now appears that the bulls have finally given up on this push. Notice the inside bar which also managed to close below support. This is a bearish signal and if price fails to break back throuh that support which should now act as resistance, we would witness another round of selling off of the metal.

My Recommendation: Sell on a failed attempt to break through the just broken support.

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Gold Price Action: Inside Bar Price Action Setup, 23/04/2013

 

The metal needed a breather after the massive sell off its been faced with recently but it does seem like the bulls may be unable to push it past this confluence of the horizontal/dynamic resistance region. An inside bar at resistance as seen on its chart could send prices back to recent lows as long as its mother bar high is not violated.

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Gold Price Action: Fakey with Pin Price Action Setup, 26/03/2013

 

When I ran a commentary its inside bar Trade setup on the  21st March, I recommended a continued bullish bias on the pair. Not much had changed with respect to that as price set off a Fakey with Pin Price Action Setup, as price got rejected, in an attempt to trade below dynamic and horizontal supports. Expectations are for continued higher prices in the coming days.

My Recommendation: Stay bullish.

Gold Price Action: The week Ahead 24/03/2013 - 29/03/2013

 

Gold approaches weekly resistance at about 1625.10. The bears could kick back in from there however, a break above will set the tune for more bulls. price Action Setup on the weekly chart will signify the intention of traders at that point.

Gold Price Action: Inside bar setup, 21/03/2013

 

The Metal had since bottomed and we now seek price Action Setups to join the emerging bullish trend. The inside bar in an uptrend would usually signify a continuation of the bullish trend. Confirmation would be the break of the mother bar high. 

My Recommendation: Stay bullish