FX:XAUUSD   Gold/U.S. Dollar
256 5 3
Let's take a minute and look at the daily chart guys.

We are in a down trend from 1290$ (Sep 2011) and currently in a descending triangle formation ( bearish ). We have a double bottom ( bullish ) - higher low but no higher high, so no up trend. Every time price is failing to breach the previous resistance level of the triangle (blue lines). Inside we have this other triangle that we need to watch closely. Wait for a break for short or bounce from 1268 for long.

I included EW on this chart for the EW fans. Please note that this is an indicator on trading view, so i don't guarantee about the count.

Also please note the break below the 200MA
TucKinetti
2 years ago
hi, based on Friday closing up (1st Aug), 1293-1294. From your chart, are we looking at to Long or Short… Thanks
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360 TucKinetti
2 years ago
hi spidertrader, i am personally not taking trades on gold atm. There are bull and bear scenario as options.if we break 1290 bear ,
break of 1295 bull. Don't take this as a trade advice, but rather play what you see on your chart.
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360 360
2 years ago
I would wait for price to give us 1270 for long, depending on price action at that level.
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Nightwish
2 years ago
Price gave monthly dark cloud cover for July , so Fridays daily bullish print suggests that ~1312.30 as 50% Fib is very good place to short this longer term. Good chart. Cheers.
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360
2 years ago
I would listen to what Nightwish has to say on this matter
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