Gold signal closes for 650 pips. Major Battle Lines still in play

The TC Gold signal has closed off for 650 pips and the major Battle Lines across other instruments, noted in my w/e post, continue in play out as important levels impacting price action. Oil, whilst back down below the $50 psychological level, looks like it could be shaping up with another basing-style pattern; that of a bullish-reversal inverse H&S pattern. 

USDX daily: still within a descending channel but holding above major 92.50 support:

USDXdaily

Oil weekly: a bear trend line was broken some time ago and now another basing-style pattern might be trying to form. Watch for any support from the right hand ‘shoulder’:

OilWeekly

S&P500 daily: the Cloud formed some support today but will this continue to hold:

S&PdailyCloud

TC Signal: the Gold signal has closed off after peaking at 650 pips. Note how the $1,300 level was pierced but has not held as yet. This is the major resistance level to keep an eye on, however, I would not be surprised to see a pullback to the 61.8% fib region as part of any bullish continuation move. This is noted on the chart with a rectangle and is near the $1,250 S/R region. Please refer to this post to check out the other key levels I’m watching with Gold:

Gold4hr

Forex:

EUR/USD: some spike-style movement on the 4hr chart but the trend line has held. Note how price is back near the major 1.12 level; the monthly chart’s 61.8% fib region:

EU4

EUmonthlyCloud

A/U 4hr: choppy but not straying too far from the key 0.74 level:

AU4

GBP/USD 4hr: the 1.40 level has been respected for now despite the recent tragedy surrounding the Brexit campaign:

GU4

Kiwi 4hr: still above the key 0.70 level:

Kiwi4

USD/CAD 4hr: I noted on the w/e how I was looking for a move back to test the 1.30 level and this has now evolved.

Loonie4hr

EUR/AUD 4hr: the congested zone around 1.55 continues to be a force here:

EA4

Yen pairs: the Yen pairs are down near major support levels that I wrote about back in February. These are also the Battle Lines mentioned over the w/e as well. Please check these posts for a full explanation of the significance of these major levels. Thus, watch for any make or break from these levels:

U/J 4hr: watch the 100 / 101.5 region:

UJ4

E/J 4hr: watch the 115 level:

EJ4

A/J 4hr: watch the 75 level:

AJ4

G/J weekly: watch the 147 region:

GJweekly

The post Gold signal closes for 650 pips. Major Battle Lines still in play. appeared first on Trade Charting.

The post Gold signal closes for 650 pips. Major Battle Lines still in play. appeared first on www.forextell.com.

Leave a Reply