Crypt0151

Gold looking like running out of steam

Short
FOREXCOM:XAUUSD   Gold Spot / U.S. Dollar
Ok..... so I have never traded or even looked at a gold chart. After spending some time this morning looking at the chart and into some fundamental data, I am looking towards some bearish momentum forming. I have two targets identified for short trades. A long term support trend line sits below T2 and a bounce of this could present a great long opportunity.

I wouldn't rule out a final push to the upside but really don't expect it to pass the 1325 zone, as marked on the chart.

Interesting for to see how this plays out as following gold is totally new to me, every day is a learning day.

Safe trading people

Comment: Dovish news from the FED yesterday has sent the dollar falling, as always gold swung the other way, the surge from yesterday has began to slow already and the 1325 region not tested yet, my original target's remain the same with the support line eventually being tested before a move back to the upside.
Trade active: Target one has been smashed, two big 4H candles melting into the region. 1306 could now act as a resistance as the progressive fall to target two plays out, leading to a re test of the long term trend line. Considering this is my first TA breakdown of Gold I am more than happy the way things have played out.

safe trading people
Trade closed: target reached: Both target zones were reached, great trade, played out well, I will be waiting now to see how this works out before I decide if a short or long trade is the next best.

take it easy and trade safe.