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JonathanWong

Gold short play intact

Short
Gold Spot / U.S. Dollar (FX:XAUUSD)  
JonathanWong Updated   
FX:XAUUSD   Gold Spot / U.S. Dollar
Gold XAUUSD trade short SELL Fibonacci retracement Divergence Moving Average Convergence / Divergence (MACD)
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gold xauusd trade short sell fibonacci retracement divergence macd
Gold has formed a reversal candle at the top of a downward channel with Friday's close. The divergence on MACD is getting more pronounced as indicated by the pink lines. Looking at a price target of about 1130 - 1150 to coincide with both 200 day Moving Average as well as Fibonacci Retracement 61.8% level. Since 2013, prices has fallen on average 9-11% from the top of the downward channel (will post chart picture for clarity).

Comment:
Historical Price Drop from Top of Channel since 2013.

snapshot
Comment:
Prices of gold subsiding from top of channel. Short position might very well play out after next week's BOJ and FOMC meetings.
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