Looking at the Weekly Time Frame there does seem to be a Double Bottom occurring at 51.40, which is why my long term bias will remain Long unless we have a Weekly close below 51.40, Potential upside targets are huge (500+ pips) as the double bottom is on the Weekly.
4HR time frame we are in a range (Short reversals occurring at around 55.00 & Long reversals...
A double top formation seems to be forming, so I will be looking for reversal patterns to form around the 61.8-78.6 region before going Short or even a break of the 2hr CTL. The previous setup was invalidated as there was no reversal pattern. Keep an eye out on the DXY.
I will be looking for reversals to form around 1347-1350 for a potential short. I do see Gold making a retracement to the 61.8-78.6 fib region or make it's way back down to 1275 for a swing higher.
So for potential targets
Target 1: 61.8 Fib
Final Target: 1275.000 (If there is a Weekly Closure below 1275 I will continue to hold).
If I do see any reversal...
We are at the top end of the Monthly Range, so I will be looking for a reversal at the 1.63500 Key Resistance level. I did post this analysis on the 22nd of May, However, we have finally approached this level today.
Strong Bearish Weekly Break of the Weekly Ascending Trendline. I will be looking for a LH to be made at around 61.8 before going Short.
Target 1: 1.31054 (400-500 pips)
Final Target: 1.2200 (1000+ pips)
I will be looking for shorts if a reversal pattern does occur at 1.6350 and the Daily CTL (Counter-Trend Line). However, if we do break above 1.6350 I will be looking for a pull back into 1.6350 before going long.
I will be looking for Gold Shorts off of 1347.000 Daily Resistance all the way to 1300.000. As I do see Gold making a pullback to 1300.000 (61.8 fib region) before a continuation to the upside Targets will remain the same as before. (1350.000)
I'm eyeing up GA for a long as it is currently in a Demand Zone. I'll only look to go long if I see a break of the 4HR Ascending CTL (Counter-Trend Line)
Targets could be around 1.86800, but I'll look to secure some profits as we head towards the target...if this trade does play out.
Daily Ascending CTL (Counter-TrendLine) has been broken. As a reversal pattern we have got a Head & Shoulders formation on the Daily. I will be looking for a break and retest of the neckline (1.70350-1.7000) before going short.
Target 1: 1.67500
Target 2: 1.6500
Target 3: I will use my method to keep trailing stops using the Daily Time Frame until I get stopped out