Simon_says

Matryoshka doll or 'fibo' inside of a 'fibo'

Short
FX:XAUUSD   Gold Spot / U.S. Dollar
Upward move on XAUUSD started in mid-December.

Firstly, reached 0.5 of large fibo ~1208$/oz then 0.618 of large fibo ~1247$/oz.

In my opinion price of XAUUSD will go down then retrace back to finally move downwards.

If that scenario will happen then, it may create Head and Shoulder pattern.

Breakage of the neck line will cause XAUUSD to go down to ~1010$/oz.
Trade active: My prediction for SHS was wrong however, downward move of gold predicted accurately. Expecting even more downward move as FED will not increase interest rates this March!

Comments

Hi nice trade setup, I have similar view as well. Thank you for sharing.
Reply
Simon_says jojofang0901
@jojofang0901, Nice plot, good luck then!
Reply
jojofang0901 Simon_says
@Simon_says, thank you you too
Reply
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