Merry Christmas and a Happy New Year

By The Backyard Burner

Gold had a parabolic run up and a disaster drop

By The Backyard Burner

Gold should completed the A correction wave of a large part. Currently expecting a B wave up to the trendline before a C wave occured. The gold price is right at a major H4 uptrend line. The trendline should hold the bearish down wave. If the trendline is break, expect the C wave to be occurring.

Gold consolidating sideway

By The Backyard Burner


Gold price now maybe in wave 4 retracement after a sharp rally. The price may drop back to 1525. However, drop the view if price break above all time high resistance.

Gold price rising steadily in channel

 

Since the support level had been reached, gold had been rising steadily in channel. The price should still had some room to rise if the price still ranging up inside the channel. Otherwise, be careful if the channel is broken. 

By The Backyard Burner

Gold possible to had reached trendline and wave C target

 

Gold maybe already reached the target of wave C. It reached the rising trendline and bounce up. I am not sure if this support level will hold but the price may go up either due to retracement up or bullish trend reversal. However, it had the possibility to hit the support level to form a double bottom. 

By The Backyard Burner

Waiting for the gold correction of wave 4 to finish

 

Gold is now in wave 4 correction. I am expecting further down in a zigzag to 1470~1490 for the correction to be over. However a double bottom of 1515 is also possible. Anyway, I am looking for a long opportunities and do not encourage any short trades. The bullish long term trend is still intact. 

By The Backyard Burner

Gold maybe already reached the top of wave 3

 

Gold may already finished the top of wave 3 and now waiting for correction of wave 4. Wave 4 may either be a big flat or a zigzag depending on the bullish sentiment. Wait for the price to drop before buying. Beware of price chasing. 

By The Backyard Burner

Gold blow past the top of wave 3

 

Gold blow past the top of wave 3 and wave 5 is in progress. The amazing bullish sentiment make the correction very short. The gold is still bullish and they may still be some upside for the gold.

By The Backyard Burner

Gold maybe in correction of wave 4

 

Gold maybe in the correction of wave 4 after making a significant rally to cross above 1500. This may be a good chance to load up on gold for more upside. The first support will be the 1475 level and the main support will be at 1450 level. However, the support may not be reach due to the amazing bullish sentiment. Well, just set the entry and let the market do the job.  

By The Backyard Burner

Gold maybe in final correction before going up again

 

Gold maybe in final correction before going up again. The target this time is 1500 at the minimum. Gold had been retracing after hitting the trendline resistance. Price rebound from the 100MA and now testing the 21MA. 

 

Gold price in daily show a minor bullish candle. Gold still got a lot of room to go up. Targetting price above 1500.

By The Backyard Burner

Gold going up fast!

 

After correcting to the trendline, gold rebound strongly and now aiming for the upper side of the trendline. There may be another correction before going up to new high of possibly 1500. Like I said last time, all correction is a buy opportunities.

 

  

Gold is going up fast after breaking the all time high. However beware for a pull back to test back the high of 1447. The main support is at 1440. 

By The Backyard Burner

Gold rebound at support

 

Gold is rebound from tripple bottom support. Price is now moving up. MA21 is about to cross MA100 and both show flat direction.

 

Gold had a doji candle and fail to close below the support level. Price now rebound up.

By The Backyard Burner

Gold break above the resistance of 1423

 

Gold break above 1423 resistance area and successfully retest it. The gold is now nearing the trendline for some retracement after hitting a double top. If break above the top, gold could easily go up to 1450.

 

Gold price go further up if break above the all time high. The bullish candle yesterday support further price up movement. 

By The Backyard Burner

Gold price rebound from support level

 

Gold price drop fast due to the Japan Nuclear crisis and rebound from the support area. There may still be one more drop before bullish reversal. The MA just crossed below showing further bearish sentiment. THe price now is retracing up. The resistance area is at 1404 and 1430 while support level remain at 1380 and 1350.

 

The daily chart show that gold price just broke below the 21MA. The price is now retraceing up to test the resistance of 1404. 

By The Backyard Burner

Gold drop to 1400 psychology level and rebound

 

Gold only go to high of 1435 before breaking the uptrend line and drop to psychology level of 1400. From there it rebound. The price is now around the support level. Gold seem fail to reach new high which is an indication of further down. The main support level is 1380 and 1391 while the resistance is 1430 level. 

 

Gold chart open higher and retest the high of 1430 level. The MACD had cross down indicating downtrend. Any drop will be a good level to get long on gold.

By The Backyard Burner

Gold at the channel line

 

Gold price had dropped to the channel line and just above the support level. The support level must hold for further upside.

 

Daily candlestick just show another spinning top. If the uptrend is still intact which I believe is, the current price is a good place to buy. Just remember to sset stoploss cause we do not know until when the retracement finish. 

By The Backyard Burner

EURUSD broke out of the trendline and now retesting it

 

The EURUSD is now retesting the trendline after broke out from it. The intermediate support level around 1.3938 need to hold for further upside. The resistance level is around 1.3988. 

 

The EURUSD is show a bearish spinning top indicating slightly bearish sentiment. 

By The Backyard Burner

Gold price yesterday topped at 1444

 

Gold topped at 1444 yesterday before retracing down to the 21MA support level. The gold is nearing its support level at 1420. 

 

Gold in a daily chart show a shooting star at the top. However, it is not really significant due to its shadow length not really stand out. Gold may drop to its channel before another rebound.

By The Backyard Burner

Gold go up as predicted

 

As written in my last post for gold, the gold go up as predicted and now had reach a new all time high level. Gold rally due to inflation concerned and the unstable crisis in Libra and Middle East. 

 

Gold in daily show a fail evening star and piercing pattern indicating more bullish momentum to come. The next target for high is 1450 level. 

By The Backyard Burner

AUDUSD is in ascending triangle formation

 

AUDUSD is trapped in ascending triangle for quite some time and still consolidating. 

 

AUSUSD will either expected to break to the upside or downside with some big movement. Until then further consolidation is expected. 

By The Backyard Burner

EURUSD is at the top of the descending line

 

The EURUSD is now at the top of the resistance line after a significant rally yesterday night. The EURUSD break above the high indicated by H. 

 

The daily chart show a big bullish movement that rally up to the trendline. Further price action will determine the trend either breaking the resistance for further up move or retrace down. 

By The Backyard Burner

My Laptop spoil and sent for warranty repair

For all reader, my laptop had some hardware problem and sent to repair under warranty. So I haven't post any article since 15 Feb. Until now my laptop is still being repaired at the service centre. Will update the post if possible. Happy trading.

By The Backyard Burner

Gold is in ascending triangle

 

Gold is forming ascending triangle with higher low. The gold price had stall a few days and conventional technique predict another rally in horizon. 

 

Gold price is still range bound between 1352 and 1365. 

By The Backyard Burner

GBPUSD limited by converging trendline

 

GBPUSD price is limited by the two converging trendline. 

 

GBPUSD is still waiting breakout in either direction. Until a proper breakout, the GBPUSD is still ranging.

By The Backyard Burner

EURUSD rebound after hitting solid support

 

EURUSD rebound after hitting solid support at 1.3430. The price had retrace to test back the 1.35 area. The price just slightly pierce the H&S neckline and rally up. The intermediate resistance level is at  1.3570.

 

 EURUSD had a lower low and lower high from the daily chart.

By The Backyard Burner

AUDUSD at downward trendline resistance

 

AUDUSD is had hit the downward trendline resistance. If this is a c wave, we may see another wave down. Otherwise the AUDUSD may break the descending trendline and rally to test the resistance at 1.0080 or higher. Intermediate support is at 1.0025. 

 

AUDUSD candle fail to close higher indicating weakness. Daily range is between 0.9968 and 1.0073.

By The Backyard Burner

Gold price is still sideway around the range

 

Gold price is still in the range of 1353 and 1366. The price need to break either way for clear direction. The price is nearing the rising trendline.

 

The daily candle show the bearish candle. However it fail to close below the support level. 

By The Backyard Burner

GBPUSD had another false breakout

 

The GBPUSD rally up after broke the support level. After a false breakout at the top, now there is another false breakout at the bottom. The support level is at 1.6000. The upper resistance will be the descending trendline.

 

GBPUSD show a bearish candle last week and now is showing a bullish candle showing the bull strength is still there. 

By The Backyard Burner

AUDUSD rebound from lower rising trendline

 

AUDUSD rebound from lower rising trendline and reached the 21MA h4 tf. The support level is at 0.99850 and resistance is at 1.0074.

 

AUDUSD had a hammer in a daily chart. Since then the price had rebound and going up. 

By The Backyard Burner

EURUSD reach the H&S neckline

 

EURUSD had reached the H&S neckline and rebound from it. The price is held by a support level at 1.3500. The resistance level is around 1.3600 if the price retrace up.

 

EURUSD drop stall at the 1.35 support level. If broke the support,the price will probably drop to 1.3150. otherwise, the price will rebound to test the top.

By The Backyard Burner

Gold bound back to the intermediate top

 

Gold rebound from the support level of 1350 back to the intermediate top. Gold is still showing some bullish strength. The price is now range in between 1366 and 1350.

 

Gold in daily chart show another doji candle to close at the same price.  

By The Backyard Burner