buykinisuk
Short

Gold Pullback Anticipated Before Continuation to the Downside

FX:XAUUSD   Gold Spot / U.S. Dollar
Gold has really been falling of a cliff this past week or so, with very little in the way of a pullback (for short entry) since the break of the bullish trend line around the $1230's area.

I know I have posted a few potential set ups where Gold could have pulled back for entry, but unfortunately they did not play out - which is not a problem, as we would not have entered.

It really does look like a pullback is imminent at the moment, and as you can see I have again applied a nice Fibonacci retracement to it's recent move. We can really hope for a nice pullback to around the 38% area which is also close to a level of interest (blue dotted line).

I will be watching around this area or even the $1225 Resistance area for a reveral, to enter short again.

The higher timeframes (Monthly, Weekly & Daily) all look pretty bearish with the Monthly & Weekly MA's currently diverged and looking like they'll be crossing to the downside soon.

Let's see if we can find a nice entry point for a nice short all the way down to $1180-1175/oz
Comment: The interest rate hike news yesterday caused us to have a massive pullback.

We have seen a pullback to around $1233~

A slightly larger pullback than initally expected, however the news gave us the momentum to do so.

I am now eyeing up shorts around this area.

The extended pullback has given us even sweeter short entry points.

I would use some counter trendlines and candlestick formations to find an entry and ride it down to where you see fit.

I do not want to offer a signal service, so I wont give out exact entry/stops/targets.

Just know I would be looking at shorts around here at least back down to $1200~, even with $1180/1175~ and beyond.
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