I still believe these need to get back and correlate with each other somehow.
which means there need to be major dollar weakness somewhere along the line.
Could this be the start of it.. maybe the US/China trade war will go badly....... but i cant see it.
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As it can be seen gold is still bouncing between the key levels of 1508.7-1503.8. The way i see this going is another downwards movement to hopefully around 1450. This would be a perfect area to place the trade as its currently at the 61.8 fib area and has rejected 1508 area frequently. Another key factor is the EMA 200 on the 4h chart is nearly touching this...
EURCAD - Short
Entering short because of the consolidation.
i have entered short now for reasons such as
>it doesn't seem to be able to make HH's
>Daily TF we are down trending
Will be entering again once there is a breakout candle to the downside.
Any questions feel free to ask
The only time I love trading breakout is during news releases. One of such will likely present itself later today during FOMC meeting minutes release later today. With AUDUSD showing a falling wedge on H4, a long trade at 0.67426 could land a quick pips
XAUUSD shorts approaching entry.
On the chart we have marked up my prediction for Gold. Awaiting a retracement to the marked supply zone to continue the sell-off first towards 1490 then 1440 and beyond.
Trade safe & manage risk.