JackLesko
Short

XAUUSD - Potential Short on the Daily

FOREXCOM:XAUUSD   Gold Spot / U.S. Dollar
Gold is still very much in an uptrend and therefore it is possible for a further press to the upside.

Technical factors include:
- Possible head and shoulders formation
- Lower high
- DXY increasing in strength
- RSI decreasing in strength

Fundamental factors include:
- Positive trade talks between the US and China
- No intention of further interest rate cuts before the end of the year from the Fed

Setup is only valid once we see a break of the head and shoulders pattern to the downside below the 23.60 fib retracement (currently acting as support), and a clean break below the price of $1480. This was the last low within this formation.

Trade setup:
Entry @ <1480
TP1 @ 1450
TP2 @ 1415
SL @ 1505 (just above the 23.60 fib and just above the $1500 psychological level)
Sep 30
Comment:
Sep 30
Comment: Now the head and shoulders is confirmed, i'm awaiting a pullback and retest of $1480 prior to entering.
Oct 06
Comment: Poor US data sent gold higher than the $1480 area. Awaiting confirmation on another LH before considering a short position.
Oct 09
Comment: Trade was never entered however congratulations to those who shorted the initial break of the H&S to $1465.

Updated idea can be found here:

Oct 09
Order cancelled
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