What's up with Gold??

FX:XAUUSD   Gold Spot / U.S. Dollar
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Daily charts show an interesting bearish bias for Gold             ... Will Gold             really touch base at $1158???? Watch the neckline break and a re-test before entering short.
something like that?

Based on this, if the current bearish scenario continues.. AND if price manages to reverse around 1180 region, it could qualify for a double bottom.. only sad bit it we'll have to wait a long time before it would get validated.
titi belacesta
Dear Belacesta, I think if it breaks the neckline at 1295 ish, it's unlikely that it goes back up to your blue TL. I agree with justatrader that the end TG is 1150 ish. After that we'll see. Hope you made a few pips shorting :)
titi press "play"
titi belacesta
Ah OK :) Great!!! So Agree completely :))))
belacesta PRO belacesta
tihis far is working :)
Been shorting gold for more than 3 weeks, adding short all along. Haven't you?

titi... jokes aside, I can't fathom what's happening here... Shouldn't Gold be rising given the continued Fed stimulus and more latest debt ceiling debate?? Something's not quite right here. In regards to safe haven.. would Swiss Franc and Yen take over? From the looks of it, I don't see any reason why USD would grow strong.
titi justatrader
Dear Sir, I observed in this forum on repeated occasions a common belief that Gold and DXY are correlated. Well in the attached 5Y chart sometime they do and sometime they don't. I think your surprise about Gold comes from your thinking they are stronly correlated.

I only look at my charts (charts don't lie :)) and trade accordingly. And this Gold IMHO was pretty clear already a few weeks ago (cf. my previous charts on XAUUSD). Cheers.

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