Anbat
Short

Gold 4 Now - Bearish!!!

FX:XAUUSD   Gold Spot / U.S. Dollar
226 5 9
As per noted XAUUSD             daily chart , last week was a bearish week for GOLD             (last five days). I would continue to trade to bearish side until a reversal chart pattern shows its self on daily chart . Note: to left to bullish reversal patterns that happened & afterwards bullish trend occurred. Two noted are: Harami and Engulfing reversal patterns & third reversal pattern you should be aware of is Pinbar . These occur on all time-frames, but mean a lot more on higher time-frames, like at least 15 minute or above (related to less noise in price action on charts).

Note on chart RSI is below 50 at around 43, which is another bearish trading sign as of now. Wait for RSI to be above 50 and a candlestick bullish reversal pattern to happen, before trading calls or bullish . Sooner then later price action will break above FLAG pattern going on right now on chart. Resistance is 1360.00 and Support is at 1300.00 on chart. All is slowly rolling to the upside on chart. Trade with daily trend and hourly trends. Good Luck
Are you trying to short to support area? Is this not too risky? why not wait for bull signal and go long?

Perhaps its best not short and wait until bull confirmation to go long?
Reply
albertwt hasansahoglu
Hasan,
When is the bull signal going to happen on that chart above ?
Reply
I'd say test of 1306 is probable. Which would be a buy for me with a tight SL (provided that RSI etc. also confirms it). Though shorting from this distance seems a bit too close to target. Short from 1330-1325 would have been cool.
+1 Reply
albertwt hasansahoglu
Great, thanks Hasan !
Reply
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