Market

Golden Knight Yields the Drawbridge for FX:XAUUSD by soaringtothestars

Multi Timeframe Analysis

Hint: Hordes of Mordor to Pillage the Castle

Recommendation:

With the rise of DXY ever closer to the 94 levels as predicted in earlier forecasts, plus the dovish announcements of Powell on fiscal policy, this safe haven castle is set to fall within three weeks. Gold has broken strong structural moats and now spirals into the weekly descending channel established from January of 2020. The fall below the intersection of horizonatal monthly structure at 1770 and this descending channel indicates strengthening bears at the gates.

Previous analysis consistently proved correct and now gold will attempt a few feeble retraces up before falling deeper to 1680.

MARKET ORDER RULES

Take a market order position upon the confluence of valid entry rules on the 4H or 1H chart.

-=ENTRY RULES=-

Trading philosophy: Don’t short at the lowest of the bearish momentum nor do we long at the peak of a bullish impulse. The safest entries are at the end of a retrace on the 38.2%, 50%, 61.8% or 78.6% fibonacci back in the direction of the master trend.

Note: I use Daily/4H or 4h/1H market structures with wave analysis to prep for potential entries. The RSI , MACD and EMA indictors are confirmation for entries at the 4H or 1H timeframe

For SHORT:

4H chart should confirm that the bullish retrace had turned bearish in the direction of master trend. The MACD should have dropped below zero signifying a bearish environment. Price would have dropped below the 10 and 20 EMA . For good measure, check that the 4h and D1 RSI is below the 50 signal line

For LONG:

4H chart should confirm that the bearish retrace had turned bullish in the direction of the master trend. The MACD should have gone above zero signifying a bullish environment. Price had gone above the 10 and 20 EMA . For good measure, check that the 4h and D1 RSI is above the 50 signal line

About me

I am not a financial advisor nor a signal provider. These are the opinions of a 20-year private trader in the legal profession as well as a businessman diversified in the tech and hospitality industries. My favored tools of the trade include wave analysis, price action on the 4H to Weekly timeframes and institutional order flow.

Trade at your own risk.

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