XAU/USD
Daily Time frame
Gold looks to be creating a bear flag formation. We seen gold make an impulsive move to the down side towards the end of November 21 and since then it has been slowly making its way back up in a corrective manner. Price is currently rejecting the 61.8% Fibonacci where we have seen price react from once before so we could see a reversal here. Failing that we could see price move up a little further up to the 78.6% Fibonacci level as well as Daily/H4 structure. These levels are outside of the correction/bear flag resistance but could well turn out the be a "fake out". We have high impact USD new tomorrow afternoon which we should be aware of so please use proper risk management if trading during these announcements. Long term target is 1680 which is 1500 pips away so we will have other opportunity's to scale in & take partials on the way down.
Daily Time frame
Gold looks to be creating a bear flag formation. We seen gold make an impulsive move to the down side towards the end of November 21 and since then it has been slowly making its way back up in a corrective manner. Price is currently rejecting the 61.8% Fibonacci where we have seen price react from once before so we could see a reversal here. Failing that we could see price move up a little further up to the 78.6% Fibonacci level as well as Daily/H4 structure. These levels are outside of the correction/bear flag resistance but could well turn out the be a "fake out". We have high impact USD new tomorrow afternoon which we should be aware of so please use proper risk management if trading during these announcements. Long term target is 1680 which is 1500 pips away so we will have other opportunity's to scale in & take partials on the way down.