Gold looks Broken!

FX:XAUUSD   Gold Spot / U.S. Dollar
1037 17 17
Miss you ppl             and miss the charts. I missed this update on the breakout below 1268.00 level as i was away for the past week or so. So this is a late update, and that makes this not an optimum trade as the perfect short entry was on the break below 1268. I will try just to define the trading conditions and technical position for gold             in this post.

So what was going on ?

In my latest analysis for gold             i was looking for a bullish move after the multiple rejection at 1268-1279 support area , however, price failed to rally above 1310, and pushed sharply lower breaking that key support which was a major negative signal as usually when price fails to rally after multiple attempts that implicates a strongly weak market.

- Before the bearish breakout the price entered a phase of consolidation which took the shape of a descending triangle , and the breakout below 1268 completed the pattern.
- The full target for the triangle is near 1205. But watch for 1230 which is another potential support.
- In the very short term, watch for 1250 level, which is the key resistance for now, if taken may extend to 1260.00 and 1268.00., but i would look to short gold             if that pullback materializes.

This is a general view, as usual i will try to post a more precise trade setups as i encounter them,

Good luck, and happy trading
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Approaching broken support, lets see if this is a retest before resumption.
Finally, it was about time!
Tradable patterns ever since gold dived from the top of 1800 to 1180.
+1 Reply
Hi my friend. please see below:
Technician DrAMohammadi
Nice long term view
DrAMohammadi Technician
Missed you Bro! Great to see you back :)
Many thanks Kerim
Welcome back !
Technician hummada2004
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