wombat53

XAUUSD - gold price direction

FX:XAUUSD   Gold / U.S. Dollar
50 0 0
Gold             decisively smashed through technically significant Support $1,312, psych. significant round number $1,300, then finally last Friday ferociously took out Brexit day candle wick low (stop hunt) with pin bar low of 1,241. In the choppy range from July till recently, it make five (5) successively lower highs, unable to breach Resistance ($1,375), despite ostensibly "good" news for gold             . It's now hovering at the edge, Brexit Open of $1,255, new Support.
The Long term Weekly chart shows that the downtrend off 2011 highs remains unchanged, while the DAILY chart appears to be breaking down.
Question is, is the next pitstop late May /early June range circa $1,199-$1,205? Or will it bounce (dead cat??) and try for the new Resistance (old Support) of $1,302??? I think both, nothing goes in a straight line, there may be a bounce. But presently momentum is so bearish , I'd expect it to test the lows I just mentioned, regardless, (absent some kind of "shock", or "event"). This is my first publish...I am assuming that my current DAILY Chart will appear.....
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