ArekJP
Short

Short XAUUSD Gold on a way to $1000 and below?!

FX:XAUUSD   Gold Spot / U.S. Dollar
Gold             on a way to $1000 and below?!
Looking at weekly chart I can’t help but to see GOLD             going down possibly to $1000 or even less. Lower highs and lower lows are supporting this idea creating form of descending triangle with possible downside even lower than $1000 – if that level fails to hold (which is btw             very strong psychological and technical level) $715 would be next very realistic area of support.
Entry options.
First and the most attractive with potential very decent RR ratio:
Try entering short if price goes back to 1240-60 with SL above recent high (above 1310)
Second option in case price won’t retrace to 1240-60 area, wait for weekly candle to close below the recent low of 1131.41 and enter short position with SL above recent high.
TP – definitely around $1000 area – there is going to be lot of noise if price gets there – take same profits and leave risk free runner by moving SL to break even.
This is more of a mid-long term idea which may takes months or over rear to play out depending on other economic surroundings.
Good trading and good luck!
Arek JP
Comment: Almost there - will it go lower?
English
English (UK)
English (IN)
Deutsch
Français
Español
Italiano
Polski
Türkçe
Русский
Português
Bahasa Indonesia
Bahasa Melayu
ภาษาไทย
Tiếng Việt
日本語
한국어
简体
台灣
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out