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FOREX Chart Of The Day: Is Gold Still Bullish?

Is #Gold Still Bullish?
 
In this video update, we answer your YouTube comments and discuss the technical outlook on Gold.
 
Should you be bullish or bearish gold?
 
Watch the video to find out more…

Hi, and welcome to this Blueberry Markets video update with me, John Kibbler, Head Currency Analyst.

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In this video, I will be going over the pairs that you asked me to go over on the YouTube comments. So, we’re going to take a look at GBP/CHF, and we’re going to take a look at XAU.

First things first, I want to cover the trades that we’re currently in because I want to manage one of the positions.

So, NZD/USD is at this swing point here at this resistance point. I want to potentially take this off the table. I’m going to do that now. I’m going right-click, click close, we’re going to close this order down, and that’s because that’s the price. We were over one to one on this anyway. So happy to take some profit off the table here at major support on the daily timeframe.

So, I didn’t want to sit through to see if it did break to the upside. Well, I will wait for those, if it does break higher, I’ll look for the pullback and continuation move there.

We set an order on USD/CAD, that hasn’t come through yet — there’s nothing else to do here.

CAD/JPY is very much offside; it looks like we’re getting stopped out on this one. But, I’m going to hold it and see how that plays out.

The four-hour timeframe is looking quite bullish, to be honest in terms of that. There may be a pullback and continue to the upside. So, I’m going to leave that one in and see if it can come back to break even.

GBP/AUD is doing pretty well. Again, looking at about 110 pips in profits. So far, I’m holding this one. Let’s see if it can rally up to our targets. So, I’m going to keep that there.

So for now, I’m managing the NZD/USD chart.

So with GBP/CHF, how do we break this market down? If we take a look at the weekly timeframe, and this is very common with many GB Pound pairs at the moment. We’ve seen a lot of bullishness from the GB Pound. We can see, here, a bullish reversal potential on the weekly timeframe: the price came down into that low, and we’ve had a false breakout. Suppose I was looking at this from this perspective. I’d say to myself: “Well, the market could rally to the upside here and retest these structure highs from a weekly point of view.”

If we go down into the daily timeframe, we can see that the price has broken out of an inverse head and shoulders pattern. If we look left, we can see that the market has broken this structure high here.

We’ve seen the fact that the neckline is around this area. Let me change the colour of that, so it stands out on the chart there. You can see that we have this left shoulder, head, right shoulder pattern, with the market pushing to the upside. So, everything is looking quite bullish here on GBP/CHF. I’m looking for maybe a continuation move there.

If we go down into the four-hour timeframe, we can see that we’re making those nice higher highs and higher lows. Maybe a pullback there, we can then dive into a lower timeframe, and look for bullish opportunities where the price does come back and retest. But that’s looking quite good for some upside there.

You may see the chart refreshing a few times. I think I’m having a problem reconnecting to servers here at the moment. But essentially, the market is looking pretty good for some upside. I quite like the potential for long opportunities. I am waiting for some pullbacks.

We are going to the XAU now. XAU is still moving to the upside. It’s approaching some pretty high levels, to be honest. If we look left – see if it loads in for us – you can see that this major swing level up here will be quite crucial to the price of XAU. I think if the price does rally into a 1.900 area, we could see quite a decent reversal come from XAU. But at the moment, I don’t see any reason to short sell it yet. The only way you’d look to go short on it is if it were to pull back into these previous highs, here, and you wanted to trade the pullback. But at the moment, the trend is very much to the upside. The only way I’d be involved with this is if the market were to pull back, retrace to around that 1780, and then look for that long position because I’d rather be in favour with the trend at that point.

Again diving down to the four-hour, if the price does get back down into here, look for those continuation patterns on the four-hour time frame to get long. That’s the only way I see XAU at the moment.

The only thing that could change my mind is to start seeing lower lows on the daily, and that would come if we broke around 1750. If that breaks there, then I’d look for short positions, maybe back down into this key supporting zone at the moment. That’s what I’m going to look on XAU – a pullback into the previous structure highs to look for those continuation trades once again.

So, I’ll leave it there. I hope you enjoyed that quick update and if you did, please like and subscribe to the YouTube channel. I hope I answered those questions as well, and if you have any more comments, leave a comment down below. Cheers!

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Blueberry Markets is not a financial adviser, and does not issue advice, recommendations, or opinion in relation to acquiring, holding or disposing of a margined transaction. We provide general advice only and accordingly you should consider how appropriate the advice (if any) is to your objectives, financial situation and needs before acting on the advice.