In our previous XAU analysis, we took a look at the daily where targets such as $1800 seem nearly inevitable given market conditions. That analysis is still valid, and is linked below.
Here, we have a bearish harmonic pattern developing that I have seen very good accuracy from in the past. Something to be aware of.
Targets for a short are the legs of the harmonic. IE 1700, 1670, etc.
This pattern could be valid and only result in a small retrace to $1700 ish, the B Leg pivot point. Alternatively, The Daily set up could prove stronger and this might not materialize at all. Given the TD9 though, I expect we’ll at least see a small pullback here.
Good luck.
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By no means am I recommending to short gold, lets just make that clear. This is a warning for longs.
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This idea is invalidated with a swing low above the green line (~1717)
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Looks like we will break this resistance :)
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Be careful. I redrew with the current price and it’s still valid