VasilyPonomarev
Short

GOLD (XAUUSD) Stuck In Consolidation

TVC:GOLD   CFDs on Gold (US$ / OZ)

for a quite long period of time, I have not shared with you my thoughts on gold .

the things are very simple:
we saw a massive expansion at the end of December and expansion always leads to contraction.

from 8th of January, the market has started a correction cycle and it looks like we are forming a classic market pattern:
symmetrical triangle.

it is symmetrical because the market respects the same 0.786 fib level with the descending boundaries.
with that in mind, the consolidation may proceed and we can expect a bearish reaction from 1580 - 1585 area.

we will keep following gold within the triangle and wait for an occasional breakout to the upside or to the downside
as a clue for understanding the further steps of the market.

good luck!

please, like the idea and leave a comment! thank you

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Comments

Im stuck now with 1571.30, 4 lot, deposit USD5,000, entry 13th Feb. Should I continue to hold it?
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VasilyPonomarev ProTraderNataliaRUS
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Im long to 1600 area with expectations of upside until 1625 where I will then look for shorting a completed harmonic pattern
Reply
VasilyPonomarev pjmurray2010
@pjmurray2010, great brother! good luck!
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What is your view on GOLD?
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Candi12 VasilyPonomarev
@VasilyPonomarev, 100% agreed with your view my dear Sir..
Reply
@Candi12, thank you!)
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