GOLD - Still room to go down
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Good day everyone,
GOLD market has been falling since the rush toward 1350 zone, as expected we are now going to retest deeper zones before a 1400 try.
As said on previous idea, i expect gold to retest 1270~1250 zone before another bull rally and rsi give us a hidden bearish divergence on weekly timeframe.
Looking now at H4 timeframes we can see that the volume on the last attempt up wave was too small and show a NO DEMAND behaviour and it might produced a bull trap as well.
What do i expect now? Gold can keep falling to our prior target and weekly fibo retracement zone.
On other hand a breakout AND CLOSE above 1290 zone can make gold do a pullback toward 1300 zone before the sell off resumes.
Anyway im still bearish on gold for short term.
This Trading Idea is to be used for educational purposes only. This idea does not represent financial advice and its NOT a signal. You should trade based only on your own technic and knowledge.
GOLD market has been falling since the rush toward 1350 zone, as expected we are now going to retest deeper zones before a 1400 try.
As said on previous idea, i expect gold to retest 1270~1250 zone before another bull rally and rsi give us a hidden bearish divergence on weekly timeframe.
Looking now at H4 timeframes we can see that the volume on the last attempt up wave was too small and show a NO DEMAND behaviour and it might produced a bull trap as well.
What do i expect now? Gold can keep falling to our prior target and weekly fibo retracement zone.
On other hand a breakout AND CLOSE above 1290 zone can make gold do a pullback toward 1300 zone before the sell off resumes.
Anyway im still bearish on gold for short term.
This Trading Idea is to be used for educational purposes only. This idea does not represent financial advice and its NOT a signal. You should trade based only on your own technic and knowledge.
Anmerkung
Good retest of the 1300 zone, now its a good time to just watch its behaviour and for me its a "no trade zone" for now. A rejection of the 1300 resistance can resume the sell off towards 1250~1270 before the rally comes back.
For anyone willing to take the risk if the price ends the day/week under 1300 and open under 1300 next week, it'd be a opportunity to short targeting 1270, sl above 1300 zone.
Of course, trade by your own risk =)
Anmerkung
Gold opened under 1300 level, im not bullish (short term) yet! btw as i've said there is a risky but good RxR short opportunity now =)Anmerkung
looks like gold rejected .236 fibo (not in the chart) and is trying to go upside now, If price manage to keep above 1300 zone first stop is 1315.
Anmerkung
By the way if someone shorted gold as suggested on the oppening of this week was able to get a good profit from 1298.5 toward 1290.50 , it is wise to reduce position when you have a good amount of profit and then trail S.L to b.eAnyway i'll write about this stuff one day, soon =)
Anmerkung
XAU is tricky these daysI still believe the best place to BUY targeting a new rally is the 1250-1270 zone
For me now is a "danger zone" to trade, to risky to go up, price has to much room to go down yet
If anyone is willing to trade gold now is short with a S.L slighty above 1300
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