SamKent
Short

Gold Probable Bounce Into Shorting Zone

FX:XAUUSD   Gold / U.S. Dollar
265 2 3
Gold             is continuing to break down on the back of the hawkish Fed announcement. We're not going to short it though after such a significant decline; instead, we'd be looking for it to bounce a little, with an ABCD pattern in completion, an oversold slow stochastic , and an oversold RSI , a small correction on the daily chart is probable. We're interested sellers at the point of confluence between previous s&r zone, 38.2-50% fib, and the 50 SMA which has been acting as resistance recently.
Dunno much but I do know that to silver "oversold" is just a challange
+1 Reply
SamKent thatguy
Haha, this is true :-)
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