This surprising $50 XAUUSD rally looks to good to be true. Huge AB=CD Harmonic pattern has been printed on Friday. While it hasn't been confirmed yet let's consider it as potential but very promising pattern. Given its multi-month size it is capable to start mid-term downtrend. Targets can be identified using Fibonacci levels as shown on the chart.
I will be updating this idea with price progress.
At this point I would advise to close all long positions. I am shorting this but since it is not confirmed yet I cannot advise it to others - risky.
Good luck!
I will be updating this idea with price progress.
At this point I would advise to close all long positions. I am shorting this but since it is not confirmed yet I cannot advise it to others - risky.
Good luck!
Comment:
I was adding to shorts every 10$ rise. Obviously cannot advise it. BE is at $1417. We be closing lowest positions on the way down.
Comment:
This AB=CD pattern is very big. July monthly close is to watch for confirmation or invalidation of it. If pattern valid we should witness sudden sentiment change in July from bullish to bearish and gold trend reversal for second half of the year.
Comment:
Quick update. While Gold is distributing at higher price I am trying to hunt best shorts and get rid of lowest short entries. So far average is at 1430. Meanwhile intra day scalps is the way to go for next month but keeping main short entries. These scalps is not worth mentioning in this idea. I will NOT add more shorts below 1430. Only if price goes above my break even.
Comment:
Added short at 1440.
