traderWgun
Short

XAUUSD - several signs point to resume of downtrend

FX:XAUUSD   Gold Spot / U.S. Dollar
740 9 0
I think that we can se Gold             break down to new lows very soon.
ATM we are at a heavy resistance area . Lower timeframes shows signs of RSI divergence.
A clear break of the ending diagonal should give this idea legs.
how you built this fibo? what's the peak price?
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That's not a shooting star....this is .... http://www.onlinetradingconcepts.com/TechnicalAnalysis/Candlesticks/ShootingStar.html - a real shooting star, has a smaller lower body and a longer more obvious wick...
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traderWgun Sparky777
Thx for the feedback. There are several ways to define a shooting star.
In my book as long as the shadow is double the size of the lower body,
it's fine, but if it's not obvious one should look for bearish conformation.

here is the 45min chart which shows that, the 1h does´t as good
snapshot


But I understand your concerns about this candle, it could be just a little correction, not a resume of the down trend
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odds are in your favor, however if wrong this could snap back to 1600+
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traderWgun QuantitativeExhaustion
well, we can only play the odds. But I have a tight stop on this one, so I wont stand in the way if the market wanna make new highs,
but at the same time this selloff looks like a 3 wave, so I think we could make a new low.
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That's interesting.. Wave 5's for PM's are usually extended.
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QuantitativeExhaustion QuantitativeExhaustion
snapshot
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snapshot


Sometime, but not always, you see a head fake out of these asending wedges before a sizable correction
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traderWgun QuantitativeExhaustion
I guess that could be the case, the break was't clean or aggressive enough,
so that could indicate that bulls haven't given up just get.

My SL is a b/e from 1430 and 1425. If taken out will look to short at higher levels.
thx for the feedback.
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