A look at
XAUUSD
this week and we find that we are still looking for more down side.
There has been a 120+ point drop into 1872 and the first decent rally back has seen it stop right on the 382 and fall away into the 50-61.8% area from that rally. We are now at the point where we have 2 options.
1. It continues lower from here towards 1820-1830 completing the bigger pattern @ the 61.8% level from last years August low.
2. It bounces up from here back to the 1950 area where it would turn to create another ABCD pattern finishing at the 1820-1830 area again.
The other option is that we break those levels and head towards the high 1700s, but I will look at that later once we get the info in to make that call.
Also on May the 9th there is a Major CIT window which is likely to decide the direction for the rest of the month. So a move up into that time would start the move lower and a move lower into that date would see a reversal higher.
Something to keep an eye on over the coming weeks.
I hope this helps. Enjoy the week!! 👍👍
XAUUSD
this week and we find that we are still looking for more down side. There has been a 120+ point drop into 1872 and the first decent rally back has seen it stop right on the 382 and fall away into the 50-61.8% area from that rally. We are now at the point where we have 2 options.
1. It continues lower from here towards 1820-1830 completing the bigger pattern @ the 61.8% level from last years August low.
2. It bounces up from here back to the 1950 area where it would turn to create another ABCD pattern finishing at the 1820-1830 area again.
The other option is that we break those levels and head towards the high 1700s, but I will look at that later once we get the info in to make that call.
Also on May the 9th there is a Major CIT window which is likely to decide the direction for the rest of the month. So a move up into that time would start the move lower and a move lower into that date would see a reversal higher.
Something to keep an eye on over the coming weeks.
I hope this helps. Enjoy the week!! 👍👍
t.me/OCEANAISIGNALS
Check out the free Telegram group for Trade set ups and Market Updates. Also one on one coaching now available. Message me for more info and a free 30min consult to see if my strategies work for you.
Check out the free Telegram group for Trade set ups and Market Updates. Also one on one coaching now available. Message me for more info and a free 30min consult to see if my strategies work for you.
