CromerKing
Short

Gold Short Idea Major trendline hit

FX:XAUUSD   Gold/U.S. Dollar
9 months ago
Pretty much as the title says. We're up to the major downward trendline. Current market conditions can easily mean this thing ploughs through and on up but technical is technical and we are where we are. Great opportunity with minimal risk. Personally i'd like to see a new step down to around 900 even 800 for some long term buying opportunities, will we see it?
9 months ago
Trade closed: stop reached: Well that was a spectacular fail!
mxer474
9 months ago
Its hard to say with indices falling so horribly. But it is a great oppritunity although i will sit on the sidelines until i get a proper entry on resistance when the market cools off today.
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CromerKing mxer474
9 months ago
What level resistance are you looking at? Granted a push up and the a huge bearish wick would be nice.
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mxer474 CromerKing
9 months ago
Sorry i meant to elaborate and say i mean where its at now would make a proper resistance area to enter short(just sitting on the sidelines until further confirmation) . 1196 where you have marked would be a good entry but im going to wait until tomarrow and see how the market trades before i enter short. 1206 would be a decent SL with low leverage for me and the TP would be 1080 in my case.
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FawadJawed
9 months ago
In my opinion it can touch 1150 to 1140 level before making highs

snapshot
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CromerKing FawadJawed
9 months ago
Yeah I also saw it as a BARR setup too which is what you have there.
+1 Reply
CromerKing
9 months ago
I should say 'what i'd like to see' and a realistic target are not the same thing in this case :)
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aibek
9 months ago
Nice setup, man! I think its wave 4 and we will dip down to 900-950. Best regards!
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olly_price
9 months ago
Nice analysis, looks like we're in agreement.

Year-end gold prediction: $970-$1030
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mxer474
9 months ago
same but luckily i moved my stop just a tad bit and made a total of 56 cents LOOOL
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