OANDA:XAUUSD   Gold Spot / U.S. Dollar
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Looking for shorts next week on Gold .

Last week it had its pull back or consolidation and I will be lookng for the next push down towards my first target of 1285.

Price has formed a pin bar on the 4hr and seems to be ready to sell off.

There will be a break down of the the lower time frames in the comments below.

Daily Time frame there was a bearish engulfing pattern on Thursday so will just be looking for price to regain momentum to go again.

Overall targets of 1263.

Once we get to this area I will be looking for longs as price should be in the region of the bottom of the Weekly Channel.


Comment: Here is the 1hr analysis.

This is where the pin bar was formed on the 4hr.

It is in a tight box/consolidation.

Will be looking for a break of the box the hourly to the downside preferably to go short.

It must break and close.

Any of these trades please do your own analysis first before entering any positions.

These are all my opinion.

Trade active: Price has broken down below that box on the hourly. Entered on a sell stop. Will be watching 1297.50 to see how price reacts to this area.



Comment: Stopped out at Break Evens
Did not reach first target. Price now closed above 1300 level. Will be watching for the next resistance for shorts.
Trade closed: stop reached