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...
Bearish Engulfing candles on this weekly chart could signal the end to the ST Bull rally. In my opinion we could go to levels below 1200 to previous levels of support 1180
Update on XAUSD Monthly
Gold currently seems forming double bottom that will be confirmed tomorrow Friday October 31st, 2014 or next week on Monday November 3rd, 2014. The decline to the black lines will form a high probable trade setup as this area looks good buying zone off which the rally to the first target line seems very plausible. However, the price action with respect to the...
leg AB formed. now waiting for BC target C = 1285