vj20_fx

GOLD SHORT (2 SCENARIOS), 240

Short
FX_IDC:XAUUSD   Gold Spot / U.S. Dollar
In this pair, I have analysed and come up with two possible scenarios. The two uptrends shown are very strong and likely to continue. I believe that price may bounce of the first trendline (blue arrow) however if it does breakthrough, it will bounce of the second trendline (green arrows). I believe the second trendline is more likely as it has only had 2 touched on trend ready for its 3rd. Also fdr more confirmation, I have used the Fibonacci indicator and believe 0.618 will act as a support for the second trendline.