Gold's Epic Rally STALLS - what's next?

OANDA:XAUUSD   Gold Spot / U.S. Dollar
Hello traders.

Gold had previously entered a potential buy/breakout zone but has not produced confirmation and as far as we can see, has not given another opportunity for long positions.

On the weekly, TD9 coupled with a rejection at the .236 Speed Fan resistance shows a potential retrace. Optimally, a strong trend will test the previous swing low at the 50% retrace, and bounce from there. That's a discussion for later, but for now a short seems obvious.

Take profits low 1400's with a full run targeting 1400 itself.

(looking at older charts, I think there is a very tiny chance for a bounce, RIGHT here, so wait for a small drop to confirm)
Sep 15
Comment: that's a cute gap, not going to save it :P
Sep 15
Comment: Beautiful entries here, anything below the .236 is short territory
Sep 23
Comment: Super important test right here
Oct 24
Comment: In my personal opinion, the longer gold stays under the .236 downwards resistance, the more chance it has of retracing to 50 - 79% levels. The best entry you might get for a move like that at this point might be 1520 BUT don't rule out something ridiculous like another false breakout towards 1600 before a good drop....basically what I'm saying is Gold is super manipulated and prone to powerful moves so be careful.
Sorry for the noob question. Do you still expect it to go down? What if Fed cut interest rate, would that spike prices in your opinion?
@justdnk, No problem at all! As for your question, I don't see any correlation from a technical standpoint. Overall, I would lean towards lower interest rates pushing up the price of gold a bit over time rather than spiking it.
+1 Reply
justdnk vox-populi
@vox-populi, Thank you for your response!
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