Following up from my prediction over 2 months ago (chart shown below), I'm almost ready to sell XAU/USD.
Since predicting the bearish 5-0 price has reached $1248, therefor completing the pattern.
I am now looking at additional analysis to confirm my position.
If we take a look at the main chart, price has been trading within a rising wedge since December 2016, we are now showing signs of a potential breakout to continue the long term trend.
I'm expecting price to break the trendline and pullback before I enter my long term short.
Where in Glesga ye fae? haha... Or is that just the Surname... sound more like Farkirk, or Edinburgh in the youtube video.
Anyway my tuppence worth on Gold..
Ascending broadening wedge, Current candle forming on the daily is a bearish engulfing but not yet finished... The 8 DEMA has crossed the 34 DEMA, but neither the price or the 8 Dema has crossed the McGinley Dynamic. Obviously the DXY being in an uptrend is the main cause of this. But although Gold looks like it's about to start down trending on the daily... it's still hanging on at the moment.
So basically the same conclusion as you, not ready for a short yet... but worth watching.
LewisGlasgow
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@Trendz_01, lol it's just the surname. I'll need to move to live up to the expectation... Lewis Glasgow fae Glasgow.
Near Edinburgh you?
It seems like all of the bears have came out at the same time, everyone is shorting Gold. I agree with your analysis though!