davidchalker
Short

XAUUSD correctional phase.

OANDA:XAUUSD   Gold
42 0 0
After the run up started in early December, price made a double top in July. Price has been correcting since this time. Right now price has dropped out of a smaller degree structure, but is still in a correctional phase.

The trade at this time is short. Wait for retrace of the move down and a signal on smaller time frame for short entry. The target area is in the zone of the blue box, near the orange trend line . Price moving up and breaking the upper red trend line invalidates this trade. Stop is above previous pivot high 1342 with target in area of 1312            

If you have comments or questions, please reach out to me,

Be patient and trade wisely
Trade active: Price has extended south further than anticipation, however, pull back is in play. Keep an eye out of smaller time frame entries for short to target at 1,312. Should consolidate there briefly before extending downward into the 1,300 range. Suggest close trade at this range and look for confirmation of move upward, or break low of this support range.

Reach out to me with any questions or comments.

Trade wisely,
Trade closed: target reached: This weeks target has been reached.. Expect some pullback and look for entry short after break of trend and candle close, with target near the 1302 range. Next, we look long.

Trade Wisely
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