#Gold: Near Term Downside Likely | #Forex

FX:XAUUSD   Gold Spot / U.S. Dollar
3197 23 37
Usually a breakout above the high or below the low of long legged doji candles leads to further movement in that direction. We have seen a breakout and daily closing below the low of the candle yesterday, and that comes after a retest of areas near the 78.6 retracement level for the overall bearish wave from 1345.00-1131.00.. Add to that a potential double top formation on the verge of breakout confirmation.

In my view, there is a good chance of further downside for gold             in the near term after this breakout, Looking for a retest of the red zone around 1250.00.

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sorry, "since 2013"
GOLD is seemingly in a longer term descending wedge stemming back to last year and the most recent bull move off the lows looks like a perfect abc wave "d" suggesting gold could retest its recent lows and perhaps a lower low to form wave "e" of said wedge before commencing a breakout to the bullishish side. Regardless, nice chart.
Hi Technician what do you think of resent price action off the 38.2 fib? Looks promising to me in that if buyers come in here we could get another run up.
Hi, thanks for analysis, what most appropriate stop for trade, just seen its been triggered, thanks
I think XAUUSD is on going to go down frist target 1267 USD !
The Dow has already reached the bottom of the running triangle (see Elliott wave!), it will be bounce up now,
and when it successfully go through the down line of the triangle, then it will go in direction 20.000 Point!

That means Gold will go down in the next time, direction 1030 - 850 USD !

That is the best time to short Gold with some initial Shorts now !

Good Luck!
if index down 300, gold will go up!
U already in?
jangseohee No_more_Post
10 days ago when i posted it.. my short done 1302, trailing profit at 1285
then reenter 1306
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