XAUUSD, also known as Gold, may not have bottomed yet but it is very close to some excellent levels for addning long positions!
I´ve already bought a small piece at 1270 and will keep adding longs as soon as Golld will get closer to 1250 (if it will of course). As per this chart, if the fork bottoms are broken, Daily 200 MA will be next important barrier and 61.8& fibo should be the ultimate wall for this sudden but heavily expected dump. Wave B if finishing, time for a final correction wave C
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Gold and US Dollar have always had an opposite correlation: while US Dollar moves up, Gold moves down. This case is not different at all.
If my forecast is correct, we are approaching to the local top for the US Dollar as per chart below
Trade active
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Bought 0.25 lots at 1250. Moved to breakeven. I think we can still spike down tomorrow on NFP report but everythin indicates it will be very neutral (probably 150K) and, after a short spike up, US Dollar should decline
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Longed 0.25 lots on Gold. SL: 1235. Trying to catch a falling knife...
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Parallel Lines holding. Come on!
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We have reached an important resistance now which is the fork line. Good place for vendors to step in and try to push the price lower, specially with a growing DXY.
Nevertheless, US market is closed today, so we may have to wait until tomorrow to see some real action. Chart below
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Gold is bottoming. With the last DXY uprise we may see gold quotes going lower where we can start adding longs
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Looks like gold is heading to 1300 and plans to stay there at least before the elctions...
First resistance met. Eventually, we can see 1270-1275 before bears try it again
captain_smollett
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Confirmed ABCD with the first target already met.
captain_smollett
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Parallel lines holding the dump
captain_smollett
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US Dollar raise as previewed back in September. If the forecast is correct, US Dollar should soon start the last correction wave. Therefore, Gold will start an ascension to the target levels of 1400-1450
albertwt
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Hi Capt,
Do you think that Gold can be down lower again this December ?
captain_smollett
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Hello Sir! I´m not really good with timing, sorry for not being able to reply your question directly.
But! I don´t think Gold will go down alone. To stay on a correct side of a trade, our main indicator nowadays is the US Dollar. We can stay vigilant in search of new US Dollar lows. When that happens, it is a perfect time to accumulate shorts on Gold.