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Following daily trend lower with confirmation from bearish candle closing below 1220 support
Scenario A) play break lower to 1205
Scenario B) Price rebounds for second touch of 1220 before downside resumes to 1205
- Tendency: strong downward
- Broken trendline W1
- Below resistance
-->Waiting pullback resistance--> Signal--> Sell
Main bearish argument
The bearish engulfing candlestick which engulfs the prior 3 weeks means lower prices to come
Any rebound could be capped at $1290-92, previous support and 50% Fib of cent leg lower
Alternative bullish argument
A rising trend line connecting the July 17 and Dec 17 lows could be support for a longer term uptrend
Gold - daily chart - Pending sell setup at 1315 daily supply with target 1275 and stops above 1325
XAUUSD H1 Short
This is not investment advice
As described in the chart.
If you have any question please leave a comment.
check graph for explanation
Gold - Daily chart - Good level to sell gold for a 200-300 points drop from current level. Great risk to reward on this one.
I prefer wait and sell during this moment...
We must see USindex and wait to Sell around 1330-1370.
And take profit at 1250-1200.
Gold H4 - My sell setup for gold has been triggered. Anticipating major downside for gold in the next 2 weeks.
-We've reached a price where several fibonacci levels confluences from different timeframes.
-We have a historically strong support and resistance level.
-At this current level we see a double top being formed on hourly.
Depending on rules, there's also a big bearish gartley pattern completing its D leg at this level.
Preferably, I'd like to see a break to ...
1.Weekly/Daily Support broken Resistance valid Around July to September 2016
3.Profit margin 1:3
4.No major support until 2170.30s so desirable profit margin
we are looking for the D leg completion at 1341.42 if these levels are achieved. it could possible send us on a downward trend looking to achieve a target 1 at 1289.11 with a 2nd target around the 1256.34.
retest the sideways market we had on the 1hr tf but on 4hr tf we had reversal candlestick. price broke and retested the consolidation and showed some bearish PA on the 1HR tf. Me personally i don't trade gold but this is a good short entry but for only for a day or two becuase of the focus on the low tf analysis but hey lol. BUT! if your looking at long term view ...
Pair: XAU/USD S
Observation: This pair formed a new lower low having broken through previous support which was tested twice and after and evening start pattern formation. 1D view is also in favour of a short. I will short this pair and target 1240.74 then 1222.31 and SL 1276.52. Risk/Reward is 1.4.
Feel free to comment!
Follow my ...
Lower or higher degree pull back ?
I did my analysis on Gold over the weekend looking for a retrace back to trend for a bearish reaction. The long bearish candle has followed through my analysis so I am now waiting for price to break through my H4 support for confirmation that it is going lower. I have put my target where daily support meets major trendline as they are both very strong lines of ...
Gold shows all the correct signs to suggest that it will drop, possibly for the rest of the year but certainly for the next few weeks. Gold is currently testing a very strong resistance trend line. Not only that, the market cycle suggests the end of a Bull market for the rest of the year. I'm expecting a bear market to start and be confirmed around July/August. I ...