Lower highs + lower lows = trend down

FX:XAUUSD   Gold Spot / U.S. Dollar
91 11 2
... says the wise.
long way down?
motleifaul jangseohee
A downtrend is a downtrend. Never tade against it. :-))
+1 Reply
Well done, wise! I am taking the profit now at 1144.40 .
Hi motleifaul, you are right in 60 mins chart and overall trend is bearish, but daily is showing just the opposite , higher low and identified demand zone. Be careful with a possible retracement to 1180
+2 Reply
ForceFollower Realisto_FX
A good point.
+1 Reply
motleifaul ForceFollower
Thank you for the support. I know that you always look at diferent time frames before making a conclusion.
And you know the same from me. Jpocalles is right, of course, that there is a demand zone giving support. But such zones have different influence: Yes, they provide support. But they also tend to attract the price. The market tends to make sure that the zone holds.
ForceFollower motleifaul
I really don't know what to expect at this point. Both Gold (XAUUSD) and the Swiss Franc (S61!) are safe have asset classes that appreciate during risk-off periods of time (eg. when there are political crisis and/or investors avoid stock markets and risky assets). Now it's still a risk-on time and, if you overlay both instruments, you might expect risk-on should continue for a while (to the bottom of the gold's downward channel). However, when you watch the franc itself, it seems to have found support. Here's what it looks like:

+2 Reply
motleifaul ForceFollower
Great approach! But I think that better the CHFUSD and XAUUSD shoul be compared. And the the picture becomes a little bit clearer. The support zones are there for both. And they are abit lower tha the recent price for both. So I see the chance for a test of it.
Of course nobody knows the future. And if I would know I wouldn't tell anybody.
+1 Reply
ForceFollower motleifaul
I like it: "I wouldn't tell anybody". :-) LOL
Yeah, we're dealing with uncertainty - and that's the beauty of it. But it's a beast as well sometimes...
Gold moves more clearly in the weekly and monthly...even daily is too choppy for me.
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