tntsunrise
Short

GOLD upward momentum is gone.

FX:XAUUSD   Gold / U.S. Dollar
5024 21 120
After the NFP
gold             goes up buy did not make a higher high.
So the resistance level 1290-1300 still HOLD.
RSI already told us the upward momentum is gone.
Look the last 4h Candle, it is a bearish engulfing .
My previous Trade Idea is active, I short at the 0.618
Retracement: 1292.
Most likely Gold             will make a double top here.
Comment: Nice Drop, Now is 1279
Win 130 pips
Comment:
snapshot

Going to break the trend line support
Comment: Now is 1264, almost 300 pips.
can take partial profit
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what do you think about this article?
Reply
That is for investor. not for trader.
+1 Reply
Would it be too late to short Gold?
Reply
hey tntsunrise..thx for your Analysis....imo the correction we see this moment has just a shortterm consolidating character. The consolidation down to 1270$ was just the minimum correction of the last upmove (1228-1301)..we hitted the 38,2 fibo-retracement. If xau will not trade below the 0,5 fibo respective 61,8% i exspect new Highs, because i clearly see the bullish flag pattern with TP @ 1420
snapshot

my former Analysis:

https://www.tradingview.com/chart/GC1%2521/qnHQBIv8-Gold-with-Bullish-Flag-and-1-2-3-Breakout-Chance/
Reply
Thanks for your chart. Your idea is cool if the wave 1 is coorect.
Reply
Is the target 1240?
Reply
MaryJane BanClassic
no , 1420 ;-)
Reply
tntsunrise TOP BanClassic
let me know when you want to buy and where is your SL.
Reply
There is a gap on 1 hr timeframe , what do you think about it? Those usually have very very high probability rate meaning gold might go back up to fill the gap.
Reply
yeah there is a gap but it won't change the overall picture
Reply
BUT ACCORDING TO WOLFWAVE IT IS FALSE BREAKOUT IT WILL BE UP
snapshot
Reply
tntsunrise TOP sami_theauditer
where is the wolf wave? can you draw it here? tks
Reply
silar.sk3 tntsunrise
nice bro gold and crude thank you
Reply
SailTheWave SailTheWave
Seems very clear. what do you think?
Reply
RJHumphries PRO SailTheWave
looks good to me, I shorted this morning, closed out at 1265. Gonna let it roll for a bit, see how it is
Reply
What is your TP sir?
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if me i would tp at 1255-50 and 1240
Reply
nice view. seems like it goes pretty well. good job. cheers
Reply
tntsunrise TOP SmilingSword
tks
Reply
Any chance it goes to 1250 tomorrow?
Reply
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