Possible entry for new short position on XAU/USD
). Entry point is a possible bearish
momentum play below the Weekly and Monthly pivot
levels. Entry would also confirm a possible lower peak and the start of a new downswing. The profit target should be somewhere between the entry and the previous support zone
around 1150 or so. Of course you can always stay in for a much larger profit. Being that this is a momentum play, entry should be delayed until we decline below the low of 1185.66 set on 5/5/15. So do not enter early. Let the market prove itself first. Of course no guarantees on the outcome so set stops accordingly. Lets see what happens.