DragonCaptain
Short

XAUUSD TURNED BEARISH WITH MACD , FAST STOCHASTIC CONFIRMATION

FOREXCOM:XAUUSD   Gold Spot / U.S. Dollar
After reaching its 7 years highest level we are shorting the Gold . With every retracement we are shorting as we are looking deep in to bull powers, volume , EFT, and indices. In this chart, we will explain the technical logic behind our short selling strategy about Gold . Gold prices moved higher, unable to break down, after hitting a fresh 7.5-year high on Wednesday. Prices seemed to hold support near the 10-day moving average at $1727. Resistance is seen near the May highs at $1,765. Short-term momentum has turned negative as the fast stochastic recently generated a crossover sell signal in overbought territory. Medium-term momentum has also turned negative as the MACD (moving average convergence divergence) index recently generated a crossover sell signal. This occurs as the MACD line (the 12-day moving average minus the 26-day moving average) crosses below the MACD signal line (the 9-day moving average of the MACD line).
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