The yellow metal seem to be loving the rally upwards and its big smiles for the hungry bears waiting patiently and it happens that I’m one of those bears.

XAUUSD DAILY

The markets seem to be bullish for gold and as we see the price move up again from last night's WM4 (when I released the trade plan) and its currently sitting at WR2 . There are no signs showing that the momentum will slow down but with the stochastic approaching overbought, we might get a hit on a reversal pattern .

Source: 12-4-2017

XAUUSD H4

We can see that the stochastic is very overbought and we currently at resistance , but with the weak dollar and political events going on around the world , one might see the metal going further up and breaking through WR2.

Source: 12-4-2017

XAUUSD H1

The 21 and 55 EMAs are currently displaying a great speed of separation and as long as I don't see any reversal pattern , I'm not keen on pulling my bearish trigger . Until then , bears must be patient until a reversal pattern has been exposed or a break of the H1 21 EMA.

Source: 12-4-2017

2 thoughts on “XAUUSD TECHNICAL ANALYSIS”

  1. Pedro says:

    nice brother, I’m also waiting to see what happens especially after the trump comments and this pair being overbought. One thing I noticed is the pivots on your daily chart, I think using monthly pivots works better on the daily chart.

  2. Dalmas Ngetich - FOREX.TODAY says:

    Me too, Gold strongly bullish But some cracks visible in the daily and 4hr charts. Bears are indeed smiling. Overly, Gold is $100 more expensive than it was 4 months ago before rate hike

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