nahidik

Gold may glitter a bit longer before a HTF correction

FX:XAUUSD   Gold / U.S. Dollar
604 2 11
Gold             has retreated back to an old daily pattern line (green dotted) where it took a bounce. It is also hovering around the weekly (orange) trend line which it broke recently.
Strong daily and 4 hr             support are just below current price with 4 hr             resistance just above.
Nothing is giving me a buy indication yet as the upside is not to great. It may bounce down off 4 hr             resistance just to head back up off 4 hr             support. It also may just keep climbing from here.
The trade is either as indicated on the chart with a sell 1380 or a breakout below the daily TL (green) would drop to the mid 1200's
For my breakout idea see attached chart

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Comment: So far this trade is working as predicted.Perfect down to the support zone followed by the final impulse up. Price should break the swing high and any time after that look for the start of the down move.
We have disrespected the weekly trend line but would want to see a shallow correction on the daily before looking for another long opportunity. Just be aware we may get a pull back to the weekly and that could be it for the down move.
A LTF trade could be a break of the purple 1 hr TL watch for the potential of more up but that could be the start of a big down move.
snapshot
Comment: I am still looking for a bit more up before a larger correction to the down side. News pushed price down. I am looking for a longing opportunity at the .618
snapshot
Hi Nahidik,
What do you think about the recent gold bearish movement ?
Reply
nahidik PRO albertwt
Bearish means sentiment is hopeful and the USD is strong. As we get closer to the elections the uncertainty may play into this. Right now I believe there will be a small flag and then more down to the 1250 1230 area where it should find support. If Trump wins I would suggest hoarding gold.
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