XAUUSD (Gold) Short

FX:XAUUSD   Gold Spot / U.S. Dollar
My outlook on gold at the moment. We have a complete head and shoulders on the daily timeframe with a perfect neckline formation. I am bias long with gold set for 1800, however I can't ignore this technical analysis . All formations on each timeframe looks set for a big drop! There is a small head and shoulders forming on smaller timeframes (1HR and 30M).

Things to consider:
  • Stochastic oscillator on the daily timeframe suggest there is room for more upward movement.
  • RSI also showing potential for a breakout as neither timeframes have reached oversold conditions.
  • Current market conditions and COVID-19 suggests Gold to all time highs
  • FED speech and other US news releases today
  • NYSE opening around 2pm!!
Trade active: Break and retest confirmation of the hourly trend line! Confirmation of a sell off 🤞


This is actually very similar the the S&P daily before it collapsed yesterday, worth watching.
+1 Reply
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