Bandarsq
Short

Midterm Sell Setup

FX:XAUUSD   Gold / U.S. Dollar
XAUUSD             has a clear RSI Bearish Divergence on 3-Day chart. I will keep an eye on the uptrend to short the breakout.

This trade is suitable for a midterm position trader.

Cheers!
Comment: Here is first Fibo level which I expect Gold will visit once green channel is broken.
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Comment: It's possible that Gold is in wave Y of WXY EW pattern.

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Comment: Possible H&S

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Comment: The main trend is not too far.

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Comment: Well done bears. Congrats! on the breakout.

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Comment: Weekly Line Chart has a clear breakout.

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Comment: I think Gold just formed another lower high.

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Comment: Bears waste no time. Yesterday drop surprised everyone. I honestly had thought the drop wouldn't have been this sharp.

Target 1 hit. Next is 1240.
Trade closed: target reached: Target 2 reached. Thanks for visiting :)
couldn't agree more
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Last Friday, the low and close prices are the same 1327.17
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endorse your opinion
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Gold just formed the third peak, a second lower high.
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I agree with this analysis. The "Smart money" is positioned for a selloff in the commitment of traders report.
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Bandarsq PRO Legit_Kittens
True. Demand died as per volume too.
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snapshot

I don't see the divergence here.
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VRShaiju chartwatchers
Hi Arpi..! This is called regular divergence. The very 1st divergence
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Bandarsq PRO chartwatchers
Some inner waves have divergence and some don't, but the main wave, the 2016 uptrend, has a clear bearish divergence and it seems taking effect.
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@Bandar, Many thanks for sharing the analysis, I believe Gold is going up during this uncertain event (pre-US Election, Money Printing (QE) and Negative Interest Rate).
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VRShaiju albertwt
We are talking about positive interest rate :) Where do you read negative interest rate? Do you know why Japanese implemented negative interest rate?
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I love how I am so 'not on board' with your Analysis Bandarsq, Lol! I realize that anything is possible in this day and age but there's no way in Hell Gold is going back down to 1200 :/ At least not in the middle of a Bull Market.
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Bandarsq PRO Nightstar
I'm glad.
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Almost..! Will discuss in closed door
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Next week will be interesting.
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albertwt Bandarsq
So do you mean this week or tomorrow meeting ?
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Nicely done, but let's be honest Bandarsq.. The only reason you're banking on this trade (so far) is because the bullion banks are manipulating Gold to their advantage :)

http://www.thedailyeconomist.com/2016/10/london-dumps-1000-tons-worth-of-gold.html?m=1
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avento Nightstar
I thought that Gold has dropped because of a stronger Dollar which almost returned to its post-Brexit (July) levels.
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Bandarsq PRO Nightstar
You can say the same thing about Brexit.

Bearish Flag Pattern - GBP
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Nightstar Bandarsq
How so? Everyone thought Brexit was never gonna happen and shorted Gold instead! Why do you think the Banks are manipulating the Metals right now as we speak? To get out of their shorts of course!! Sneaky buggers, Lol!
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Bandarsq PRO Nightstar
I simply follow the chart :)
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Nightstar Bandarsq
Good on you..
Let's see if Gold actually makes to $1200. That should be interesting.
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Excellently done!
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Thanks.
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Nice job!
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