Technician
Short

#Gold: Near Term Downside Likely | #Forex

FX:XAUUSD   Gold/U.S. Dollar
3176 23 36
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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Good luck, keep your stops tight..
My best regards
Technician
My live trades here https://telegram.me/joinchat/DgsnQ0FzifLqyI2YAoMqqQ
Thinking of buying that red rectangle area. :)
Nice chart!
Reply
Technician TOP IvanLabrie
2 years ago
Thanks Ivan..
Reply
Technician TOP IvanLabrie
2 years ago
Would like to have you vote and subscribe at thefxchannel.com ..
+1 Reply
IvanLabrie TOP Technician
2 years ago
Sure!

Checking it out.
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droaisraot
2 years ago
Correction B (wxyx2z) of ABC is fisnished, now downside with Wave C target min. 1100 USD
Reply
moneymaking
2 years ago
Hey Technician, I also believe there is a chance for gold to go down. I used harmonic patterns to take short position. I don't know if you look at harmonic patterns or not. Nevertheless, the patterns also seems to agree with what you are saying. Here is the link to the patterns I made:
snapshot


Thanks for sharing and Good luck!!
Reply
No_more_Post
2 years ago
I think the price action look like bull flag ,
I already Open L @1276.5
Gold Bull Flag Pattern


I hope you are correct.
Thanks for sharing.
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jangseohee
2 years ago
GC1!, Inverted H&S break out
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droaisraot
2 years ago
the elliott-wave-pattern wxyxz in 5min-Chart (from 00:35-UTC to 00:700-UTC) is the same as in the daily-chart ! (Just compare them!)

And the 5min-chart goes down since 07:00 goes down until now !

That means in the daily chart it will go down the same way!
Reply
IvanLabrie TOP droaisraot
2 years ago
I wouldn't go from small to big timeframe like that honestly.
Better start from Yearly, quarterly, monthly, weekly, daily, and down.
+2 Reply
jangseohee IvanLabrie
2 years ago
no worries Ivan i start from monthly down to daily etc
but somehow i saw that bear flag... could be an opportunity
GC1!, how could i be so bear..
+1 Reply
IvanLabrie TOP jangseohee
2 years ago
Not you in particular, droaisraot...from 5m to daily.
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No_more_Post
2 years ago
U already in?
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jangseohee No_more_Post
2 years ago
10 days ago when i posted it.. my short done 1302, trailing profit at 1285
then reenter 1306
snapshot
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Technician TOP No_more_Post
2 years ago
Not really, i outline trades when i publish them with clear targets and stop loss level, this is just an idea..
+1 Reply
jangseohee
2 years ago
if index down 300, gold will go up!
Reply
droaisraot
2 years ago
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!
Reply
droaisraot
2 years ago
I think XAUUSD is on going to go down frist target 1267 USD !
Reply
thedon80
2 years ago
Hi, thanks for analysis, what most appropriate stop for trade, just seen its been triggered, thanks
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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.
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jsimko_cgc
2 years ago
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.
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jsimko_cgc
2 years ago
sorry, "since 2013"
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droaisraot
2 years ago
see:
snapshot
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