Gold coming into area of support. Longer term outlook bearish
XAUUSD broke the daily bullish trendline and closed below. Then it had a swing upwards from the US elections which stopped and reversed right on the longer term bearish trendline (Weekly). It has now taken the swing lows at the 1241 area. The next swing low comes in just below where we currently are at 1200 and then we will enter an area of previous consolidation (Green rectangle) where we should see the PA slow down considerably. Since the Bearish trendline still holds the outlook is bearish however there are no longer term trades where we are now.
Comment:
Stops triggered under 1200
Comment:
Stormed straight into support area after durable good data. Holding so far
Comment:
Gold still in the area of support. Very oversold since the US election so a pullback is due. Updating the Fibs lines them up with previous swing lows at 1241.27. Any bullish closes could see us start moving towards this area but there is nothing to support this so far. Long-term outlook is still bearish
Comment:
Stops got triggered below the area of support and an immediate bounce. A bullish close should see the start of a pullback
Comment:
Still neutral on this one. Price slowing down in the area of support even though we had a flush down through it