pixi
Short

Still bearish with $1210 as target

FX:XAUUSD   Gold/U.S. Dollar
904 5 28
Hi,
Gold             is still in consolidation mode, he broke its previous range with a top at 1274$ where a bearish gartley has been completed at $1272 and the target of the broken range has been fulfilled (1250/1262 range = 12$ -> 1262+12 = 1274$)
Consolidation in a daily bearish flag before resuming the trend

Now, in a daily view, gold             is printing a bear flag with a clean pullback on the previous channel.
Daily Stochastic has took a breath and the momentum is now in bear mode.

I'm expecting, at least, a test of the lower boundary of the flag. If price breaks the flag, i will target 1210$ a strong support and 1171$ the goal of the bear flag .

Invalidation : daily close above the flag / in the previous channel.
Is this structure still valid ? thank you
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pixi waiyuen
As long as gold is below the channel and inside the flag, yes.
Even if my final target is 1170 (1166 exactly), i'm working on another configuration with a bullish leg first before a drop to this area.
I will publish this view on saturday if i have time (take a look at @faylee profile, get inspired by her last idea)
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thank you for your reply. appreciate that !
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waiting for your new post, pixi:)
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Great chart... 1209 and 1171 are also 38.2% and 50% fibonacci...
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