SCHeroFX

SCHeroFX

For gold, there is a huge gap left behind in 1833~1831. For that reason we feel that the price will attempt to retest this area again and if this support holds then we could see another bounce and rise, in contrast, it can continue to push lower again this time. The price is still within the descending channel for higher TF and it is too early to conclude that...

SCHeroFX

A potential M pattern form for Silver with a neckline of 21.59 and the potential target below to complete this pattern would be 20.816. Breaking above 22.05 will invalidate this idea.

SCHeroFX Updated 

Now H4 also can see a potential M pattern forming. So if there is any retracement, keep an eye for the zone of 1950 ~ 1956, price has to stays below this zone in order for it to go further down to complete the pattern.

SCHeroFX

Today we have to keep an eye on 1965/63 level to see whether it could break or not. If this support level holds, then it could potentially form a "W" pattern with neckline 1974 and target above 1987/88. On the flip side, if it manages to break and sustain below then we could short it again after the retest with target below 1959 and below that 1948.

SCHeroFX Updated 

Let's look at H4 chart, as we can see the price was rejected from this zone before and now we came back to this level again and a potential double top could potentially in play. After a massive move and gold is overbought atm and we might see some pullback in the coming session. If 1854/50 is supported then the potential target above could be 1880/90 as the first...

SCHeroFX Updated 

A potential Inverted Head & Shoulder spotted for silver with the upside target of 20.917 and 21.123 to complete this pattern. Breaking below of 19.9 will invalidate this idea.

SCHeroFX Updated 

After a strong rally for the dollar and now it is resisted by the trendline and potential to see more downside for the dollar in the near term. It looks like an H&S is forming and the potential target for the lower support would be 105.2/105, 104.7/104.5 and below that 104.120 to complete this pattern. Breaking above 106 will invalidate this idea.

SCHeroFX Updated 

A potential inverted H&S pattern with the breakout and retest done. So the potential target to the upside would be 1845/1851.5 to complete this pattern.

SCHeroFX Updated 

Is this possible for another small bear flag pattern in forming? If this pattern is valid then the below target would be 1814, 1807/02. As long as the price could stay below 1847/50 then this is deemed valid. In our previous analysis, we identified the bear flag pattern from 1918 ~ 1834, and if we stretch it, the formation can also begin from 1960 ~ 1790. Let's...

SCHeroFX Updated 

A potential H&S pattern is forming and the neckline breakout of 1837 would be the confirmation to validate this pattern. The potential target below would be 1823/1818 and below that 1807/02.

SCHeroFX Updated 

Last week's analysis predicted the price to drop from 1873 to 1825 and the target has been achieved. Another 2 potential targets below for the near term are 1807/1802, and 1785/1776. The bias remains unchanged for now as long as the price could stay below 1867/1860. However, FOMC this week could create some volatility in the market to hunt SL & BE before it...

SCHeroFX Updated 

The dollar is forming a double bottom on the daily chart and high chance that it could bounce from the current support of 101.993 or slightly below that of 101.300. Once we get the breakout of the descending channel of around 104.3 and the resistance of 105.4 then the next higher target could potentially touch 107.8. Bear in mind this is a daily chart and it might...

SCHeroFX Updated 

Gold is currently trading within a bear flag pattern after a strong correction down from 1960. Resistance of 1880/1888 is playing an important role now that it has to hold strong in order for the down continuation. Once the price manages to break and close below 1860 then this could push the price down to 1855/43/34. On the flip side, if the price break and close...

SCHeroFX Updated 

Finally gold managed to breakout the bear flap pattern which I have shared in my previous analysis. We got a nice drop from 1890 to 1863. The next immediate support below would be 1860/56, 1843, and below that 1834. On the flip side, if 1860 support is holding strong then gold could rise again.

SCHeroFX

Potential "M" Pattern?? Neckline breakout and retest done. So if this pattern is valid then we could look for 1901/1897 as a potential target.

SCHeroFX

Gold managed to push down from 1949 to 1919 and the support seems to be holding strong atm. Now the price is ranging within the symmetrical triangle and if the price manages to breakout to the upside first then look for resistance around 1935/38 and it could be a potential level to short it down again to target for lower support of 1912/06 and below that 1897/93....

SCHeroFX

Gold H4 looks like forming an "M" pattern and if this pattern is valid then the neckline would be 1897 which has to break below in order for the price to go lower with the potential target marked 1866/55/43/36/26. However, if the price retest and break above 1926/30 then will invalidate the idea.

SCHeroFX Updated 

Gold has finally touched 1921 which is also the daily resistance with the same idea that was posted earlier for the daily chart analysis. Reversal should be coming soon although the current momentum looks bullish. If this resistance is holding strongly, then breakout of the ascending channel support of 1897 would signal that the downtrend is imminent. On the flip...