GOLD (XAU/USD) - Potential Downside Looming....
Price is now below the 4 Hour 50ema since the beginning of August and failing to make new higher high's.
With buying momentum fading, I will be waiting for price to print a new lower low and close below support of 1494.50 (full 4 hour body closure) to confirm the new direction.
Safest entry can be taken upon a retest of the neckline (support turned resistance @ 1494.50).
We know from experience that Gold has long periods of consolidation followed by high momentum impulsive moves.
Downside targets are 1452.75 and 1400.00.
Instagram: @TheTravelTrader (www.instagram.com/thetraveltrader)
Twitter: @fx_ollie (twitter.com/fx_ollie)
With buying momentum fading, I will be waiting for price to print a new lower low and close below support of 1494.50 (full 4 hour body closure) to confirm the new direction.
Safest entry can be taken upon a retest of the neckline (support turned resistance @ 1494.50).
We know from experience that Gold has long periods of consolidation followed by high momentum impulsive moves.
Downside targets are 1452.75 and 1400.00.
Instagram: @TheTravelTrader (www.instagram.com/thetraveltrader)
Twitter: @fx_ollie (twitter.com/fx_ollie)