LAST GOOD TIME TO POTENTIALLY "SELL HIGH" EXPECTING GOLD TO START DIVING DOWN, BOTH EUR/USD AND XAU/USD HAVE BEEN STUCK IN A STRONG DOWN CHANNEL. BEST LEVEL TO BUY FOR A WEEKLY GAIN.
PERFECT ENTRY IS TO WAIT FOR SMALL SPIKE AS MARKET OPENS AND THEN SHORT.
I agree, we also have a W formation on the monthly and we do need a deeper retracement to the 38.2 of the fibonacci taken on the monthly impulse. From a COT perspective hedge funds have also added 2.5k shorts on the euro and closed 3k longs, so deifnitely supporting our view :)