Technician
Short

Request: Gold Short-term Technical Positioning

FX:XAUUSD   Gold / U.S. Dollar
2568 7 35
Gold             was the second most requested instrument along with USDJPY             which is coming next..

The price of gold             has been in a clear bearish trend , uniformed within the falling channel shown on chart. Recently, the price has accelerated the downside, breaking the support of the channel, and that cleared the way for a test of 1.618 extension level, which might act as support in the near term. An upside pullback is possible now towards a retest of the broken channel before resuming the bearish wave. I would look to short gold             anywhere among 1160-1170, Targeting 1138.00 again and 1100.00. I would exit on a break above 1190, as that may call for a more prolonged bullish rebound.

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thank you technician Its very informative
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very nice chart Technician

Thank you so much ! :D
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May I know are you short for this because I'm in the market now?
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Thanks.What do you think of gold now?? Should we be long as it broke 1190?
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No clear break yet, its a minor spike, If i see stability above it i would look for longs, but i wont long immediately
+2 Reply
Meru PRO Technician
Thank you very much for a quick reply. Appreciate it a lot.
+1 Reply
Nice place to end the week right smack on that lower descending trendline. Any thoughts about what happens after this is broken?
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