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DesharedPierreJr.

Gold prepared for another bearish tumble

Short
Gold Spot / U.S. Dollar (OANDA:XAUUSD)  
DesharedPierreJr.  
OANDA:XAUUSD   Gold Spot / U.S. Dollar
Support and Resistance Multiple Time Frame Analysis Double Top or Bottom shortgold shortsetup goldtradingstrategy Double Top necklinebreak retest Bearish Engulfing
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supportandresistance mtfa doubletoporbottom shortgold shortsetup goldtradingstrategy doubletop necklinebreak retest bearishengulfing
Gold has retraced to the neckline of the double top pattern, upon which it provided a strong bearish engulfing. The weekly resistance has failed to be completely broken in addition to a rejection of the 38% fib. The 4H is trading within a range creating a new lower low along with ADX. The moving average is crossing to the downside as well as a trendline break to the downside. Price is now on the short side of the trendline. I will look for shorts near the weekly resistance for a 4H lower high. or a complete retest of the major 38% where the daily was rejected. Targets for shorts are -27%. extended target at -61%.
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