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Short

GOLD Shorts?

FX:XAUUSD   Gold Spot / U.S. Dollar
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Wherever the market goes we go!

----> Top Down Analysis Price Action Weekly>Daily >4hr>1hr
----> Support & Resistance Structure & Key Levels
----> HH, HL, LH, LL, FIBS
----> Price Action & Candlestick Formation(s)
----> Daily/4HR Targets & Stops - Swing Lows & Swing Highs
----> Break & Close of Major S/R Structure - Bullish or Bearish
----> Candle - Structure - Fib - Bias - Overall

Weekly - price is in a bearish market. The uptrend pullbacks (confirmed on the lower time-frames) ave been completed and last week ended up as a bearish inverse pin-bar. We see that price has yet to break the weekly support which could prove to be even stringer by rejecting an price action wanting to break further. LEt see what happens. Note that price as also made a lower high (lower than the previous 2 lower highs).



Daily - price has made a lower high and then a possible higher low with the small wick that ended Fridays trading session. Still though, the bearish engulfing is a sign of selling pressure mounting. So a bias trend to the downside still in the works?



4hr - Price broke the previous 4hr support which could now turn into a 4hr resistance where shorts entries can be traded to the downside. Possible targets to the 4hr and weekly supports are good areas for price to remain and then possible reverse or break. Remember that GOLD i inverse to JPY currency especially UJ, GJ & EJ with fundamental support lets be cautious to market reactions at the 1280/1285 zones.



1hr - entries at the 4hr support to sell GOLD (as we can see price created a double bottom on the 1hr support)



Sell
Entry: 1294.5
Target: 1280/1266
SL: 1295

Buy
Entry: 1280/1270
Targets: 1294/1280
SL: 1266.3
Comment:

Price was expected to retest the 4hr resistance and although this didn't happen, it certainly retested the 1hr support turned resistance for a perfect entry to continue the downtrend move. This broke the string weekly support before retesting that level again and continuing to the weekly target of 1266, providing various areas of re-entries to gain profits
Comment:
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