Cas4xx

Is Gold (XAUUSD) going to make a Retracement? On screen analysis

Short
FX_IDC:XAUUSD   Gold Spot / U.S. Dollar
I have been keeping my eye on gold for a while now and I suspect that we will see a Retracement coming next week. The Counter Trend Line has been respected for more than two weeks now so it's just a matter of time before we will see a break of the Neckline.

Remember, Patience is Key!
Comment: Even though there was a break of the Neckline Price didn't declined much further. I’m still patiently waiting... In profit ;-)
Trade active: Trade is still active. I hope we will see a further decline this week. In the image below I drew the channel price is currently in.
Comment: Last Friday we saw a break out of the channel as seen in the image above. I will wait till the close of today if Price closes outside the channel. If so I will close my trade.
Comment: Because I use the Weiss trading strategy I slightly altered my channel. See image below. From this point forward Price has to make a Lower Low, if not I will close my trade. Or if Price closes outside the channel.
Comment: Price have reached the next level of S/R! Still holding on...
Comment: Price is heading to my Target Point <3
Comment: I am thinking about taking my profits. Price is ranging and Momentum is turning up.
Trade closed manually: Closed my trade yesterday, because Momentum shifted back up. Made some nice profits and will open this again if the overall Down Trend keeps intact.

Comments

Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Referred friends Coins My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out