movingwfx

GOLD - Short opportunities

FX:XAUUSD   Gold Spot / U.S. Dollar
Good day Traders ,

It been a while since the last time we traded Gold             .

But few days ago, price managed to break and closed below the major support (with high volume ).

This could suggest that price might move further south to the next level of support on weekly.

Reasons:-
- EMAs 8 and 21 has already crossed on the daily TF
- there's a descending triangle = the length of the triangle could suggest the possible TP zone
- Price is below EMAs 50 and 200 ( bearish )

Currently, we are waiting for a retest on the support level turned into a strong resistance:- roughly between EMAs 8 and 21 zone on daily; and ~ 0.382 to 0.50 fib retracement.

Although, there's a possibility that price might not go back up due to strong bearish sentiment.

As of now, we will just wait patiently for a clearer level on the short term TF to look for our entries.

Note: These are just our thoughts on Gold             . Do not take this as signal.

Your turn...

Share thoughts.

Much Love,
MovingwFX
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