As the MACD rolls over, it is worth one's while covering shorts or lightening one's sizing.
In an unmistakeable correlation, a higher short end of the curve means gold is relatively less attractive to own. This argument has strong claims on both reason and evidence... Hence, with a hikepending, watch for gold lower.
This is arguably my favourite gold interpretation. Albeit, I consider Fibonacci to be pseudoscientific, so I don't weight the internal lines highly, except for the fact that they do appear to represent support and resistance to some extent. In any case, I think there's a reasonable case for gold to resume it's trend lower.
Looking for the intraday breakdown... If my idea comes to fruition I think this could become a position trade. Seasonally November-December is unkind to pet rocks and paperweights alike.
Hey Guys, We are having back to back trade setups which are breakout ones. Remember we grabbed the previous breakout in XAUUSD all the way from 1225's and another channel forming now in gold which is ready for breakout. I'm biased towards downside breakout, but if Gold raises up don't panic bcos till 1215's nothing to worry about bulls. Check with your trading...
Overall, I still see EW taking us lower. We are currently in an intermediate upward cycle from 1315-8 to 1327-9 before it takes us to new lows. I'll post lower timeframe charts below as we have a bull run until back on track for bear. BULL: now, 1315/18 to 1327ish. BEAR: after that target reached or close, we'll head back south 1310, first part of wave 5 complete.
Bearish Bat. Two formed on M15 one with lower entry and that is what looks like is happening. TP1 1343 TP2 1339 SL 1354 Entered trade at 1354.7 GC or 1349ish.
Strong Resistance around 1357 and Data From USA also bad for Gold so we advice Sell gold cmp 1346 next pending 1355 both sl 1364 tp 1330
Bear flag and symmetrical triangle is the same target. The symmetrical triangle usually forms during a trend as a continuation pattern and typically breakout in the direction of the prior trend.
It's a good idea to short gold when breakout trend line.
Sell at point 3 and take profit at target of bear flag.
Percentage meeting price target for down breakouts is 58%.
I buy gold at point 2 around $1243 and will close order at target B . Then I will sell at this point B with target 1.272 Fibonacci Retracement of A2 around $1230.
Gold Double Wave Cycle sell Idea. As we can find a bearish divergence on the daily chart as long as the red TL holds Gold is a sell aiming 100% FE of the first cycle. TP 1 1241.49 TP 2 1226.87 SL 2 pips + spread above last high.
Gold short idea. Like on the picture sell wit target on lower TL. Good luck
GOLD is expected to SINK. There are many reason why we feel it may SINK * HAMMER in WEEKLY Chart. * To SINK and come near 1199 LEVELS * Stoch RSI (3,3,14,Close) clearly states it maySINK. * RSI(14,CLOSE) Is also of the same view. * CCI(20,CLOSE) Is also the same Keeping all the above indicators in view along with the chart pattern we expect it to sink. Our...