Currently longing short through the US session. Reflecting back on preview trend following the support and resistance which is very well supported when trading gold. Went long on XAUUSD on wednesday around the 1700 area catching 100 pips each time after consolidating within each zone highlighted on the chart. Can see gold finishing shy of 1740 for the end of May!
Gold has broken through a key area of Support (1300) and has already retested this same area. There's a Head & Shoulders pattern forming as an added confluence that it may retrace back before making another movement down.
-First targets could be at the neckline (1290), If it manages to be break the neckline we could see price head to Previous Daily lows (1280)
Gold has really been falling of a cliff this past week or so, with very little in the way of a pullback (for short entry) since the break of the bullish trend line around the $1230's area.
I know I have posted a few potential set ups where Gold could have pulled back for entry, but unfortunately they did not play out - which is not a problem, as we would not have...
Firstly - please excuse the quite busy/crowded chart here - usually my charts are a lot cleaner.
Anyway, as you can see from my last idea on Gold, we are quite possibly nearing the end of it's recent bullish run.
Momentum seems to be slowing down, we have reacted quite nicely from the 61% Fibonacci retracement and broken a reasonably long term...