OwenMohd

Gold bear has technical but slowing down

FX_IDC:XAUUSD   Gold Spot / U.S. Dollar
139 0 4
Nov 25 Daily price action showing signs that bear 2nd leg is nearly over. Incidentally, 1.618 targeting mid-1150s is nearby. A few trend lines for confluence and also great support regardless. The minimum target would be 1280, pullback and continue to upper targets/retest the 1375 high. This is assuming 1170 breaks down - which it may not if there's enough bullish continuation this week.

So alternative scenario: If bears can't break 1170 and bulls look good on h4 then 1230-40 is my safer target i.e. retest recent breakdown.
Comment: The purple channel is merely a forecast for price targets and resistance if the C leg up comes to fruition.
Comment: My expectation is still bearish with bullish intermediate (intraday) targets.

I'm currently long (small positions) until 1205-1211 where I'm looking to short for the mid 1150s target.

Comment: Closed off longs. Back to shorting >
Comment: There's not enough volume or impulse for this downmove. I'm expecting this to be a flat consolidation. Possible bear trap into bull trap. I'll look to short again at the upper levels.

Comment: I'd be weary about going long from this lvl (low 1170s) - there's simply not enough signals to trade this possible flat. Looking at h1 price action, there are signals however that this is wave 4 of the 5th wave down especially if prices stay tight range.

In any case I'm always looking to short for my 1150s target.

Comment: Getting close for 1150s. Specifically looking for some good action between 1157 and 1153

Comment: Last short for me 1180-81 for 1157. There might be over travel to 1155 but this lining up is looking positive for the next cycle

Order cancelled: No good fellas. Odds of hitting Yearly Pivot is much higher -- Short TP 1133. Will buy there.
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