Time to go Gold Mining! - XAUUSD CONFLUENCE x5

FX:XAUUSD   Gold Spot / U.S. Dollar
A few weeks ago we wrote this article - - highlighting that after the breakout of the symmetrical triangle and the support at the beginning of the month a retest of the 1200.00 level as resistance would create opportunity to go short. Well, here it is Ladies and Gentleman!

Sure enough we are currently seeing a successful retest of the 1200.00 level as resistance on the daily.
A large high test of the the level also coincided with a failure to breakthrough 0.382 Fib Retracement level and an apparent bounce of the 50ema. All of this is playing on the Dollars current strength and after a couple of weeks consolidation in the markets it seems like trend continuations are now likely.

All this gives us 5 Factors of confluence -
1. High test Candlestick
2. 1200 Resistance
3. 0.382 Fibonacci Rejection
4. 50ema Bounce
5. Following the trend

For more like this and other market analysis (both technical and fundamental) please visit our site where you can also learn our techniques and how to implement them.
I was buy us gold 3pip @1213, what can i do now, i will wait or out & take loss, please
ForexVader Sakil Mah
Never be afraid to cut your losses short.
Better to take a loss now, and get in on the prevalent trend whilst there is still opportunity to enter. Do you set Stop Losses?
+2 Reply
lower levels more possible while there is still rate hike issue in usa, agree
+2 Reply
I agree!
+1 Reply
AND one more very important resistance: the UPPER Line of the Bollingers Band!

see also:
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