13 Nov 2019 - Gold - Sell analysis - Descending triangle

OANDA:XAUUSD   Gold Spot / U.S. Dollar
I'm sure that false breakout to the upside on Gold at $,1500 tricked a lot of traders and investors to buy gold CFDs (including me) ...

I'm now changing the bias to bearish ...

Now that price has broken below the support of the Descending triangle , it looks like the next target (according to the difference between the high and the low of the triangle) is at $1,390

We also have a bunch of fundamentals supporting the downside (as peripheral confirmation) including:

1. Optimism with the cut down on tarriffs with the compromise that China buys more farm goods
2. Citigroup and JP Morgan cutting their long positions
3. Positive results with ISM with 13 industries which is bringing back investors into buying stocks sending indices to all time highs.

Let's see how this one pans out...

Trade well,

Timon Rossolimos
Founder, MATI Trader

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