Eyes On Gold
Happy Monday everyone. I’ve got my eyes on gold this morning which touched hourly support on Friday and has been pushing sideways since the Sunday open. The daily panel is looking extremely tantalizing as gold futures have been painting a sideways pennant with a diagonal support line which is currently backed up by a stack of daily Net-Line Buy Levels.
By no means a guarantee for success but it’s as good as it gets in terms of high probability setups on the precious metal side in particular. FYI – this is Friday’s chart but prices haven’t moved that far from when I took the snapshot.
Speaking of precious metals – I also had my eyes on silver which is just about to roll over. The daily and weekly charts looks extremely tantalizing and with a bit of dark magic we may get a little drop lower after Tuesday. Yes, this may affect gold as well and if I get stopped out there then I probably wait for a 100-week SMA touch on silver and then split a long position (i.e. 1R) between these two.
By the way ‘ridingwaves’ just reminded us that gold and silver opex is on Tuesday. So one way or the other I expect some price volatility here soon. If I don’t see progress on my gold campaign I may have to pull it or at minimum reduce position size and widen my stop a little (i.e. expecting bigger moves and an overshoot of my current stop).
The 100-hour Bollinger on the EUR/AUD is getting pinched and the hourly may just attempt to paint some intermediate lows here. I’m throwing 1/3R into a long position here with a stop below the lower BB. But I managed to dig up an even juicier EUR pair this morning. Please join me in the lair:
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