An update to a previous idea - CLEANER CHART
From what i can see gold is consolidating on all lower timeframes, it is testing support and from what I can see we are ready for a crash
Price was previously on a downtrend and made a big recovery and just kept rising.. If OIL is anything to go on it did something similar before dropping and as we all know patterns...
As seen previously once price broke the support line it took a big drop but recovered quickly. Its safe to say once its broken again it will take another huge drop.
My reasons for this are the fact Gold has kept rising despite all technicals showing that it should be ready for a sell. I appreciate Gold is a safe-haven but there's only so much manipulation...
Mainly looking for a short position on this pair as the analysis is showing but make sure to get a bearish conformation in the highlighted area (as shown) before you enter in this trade. Please leave any feedback regarding my analysis would be much appreciated. Thank you.
On #XAUUSD 4-hour chart, curve T3 and simple moving averages (ma10, ma20 and ma50) have turned their directions to negative.. It is likely that the price will go down.. I expect a structure as I mentioned in the chart.. We will wait and see..
Disclaimer: Please do your own due diligence when it comes to forex-trading.. Invest at your own risk..
I wish you all...
I think we will see a negative trend in #Gold in the medium term..
We see negative divergence in both CCI and RSI , this is bearish .. On daily chart , T3 curve turned negative and price is now below ma20.. In my opinion, the major resistance point of 1560usd in Gold can be tested in the first place.. We may see a price action as I mentioned in the chart..
Gold is currently in a bear flag within the bull flag on the daily and weekly chart.
Gold has rejected the top edge of the bull flag several times and once again.
We are looking to break the bear flag first before we look to break the bull flag.
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Retest of trendline complete and overall bearish bias. I entered at 1466 and have a tight stop loss at 1468.
TP is at 1447 but feel free to take profits at any time.
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