chartwatchers
Short

GOLD pullback is not finished. Don't buy it now!

FX:XAUUSD   Gold/U.S. Dollar
368 3 13
After last week's monster rally on Friday and today gold             started to move down into its DCL.
If the bear is dead - and I think it is - this should be gold's first bull market countertrend rally.

It should be fast , painful, scary and has to get everyone very bearish to let gold             build its second leg up.

This DCL should come back to the 50% FIBONACCI retracement... ANd daily RSI has to reach oversold levels...

On the second day of this pullback we tagged the bear market trend line. That won't hold for too long: I'm looking for to tag and break below the 10 EMA tomorrow and tag the 61,8 % FIBO level at 1180.
We have lost already 65$ in 2 days and MACD just turning down +RSI just left the overbought levels.
More pain is coming for the bulls who bought late this breakout...
Monday night we tested succesfully the 2015 Nov IC Top (1190)
We had a nice bounce back to the 50 EMA at the hourly chart.
We are not done yet!
1180 (FIBO 61,8%) is coming....

I'm still looking forward to see price at 1154 , the Fibonacci 50% retracement
Reply
PhamPhan chartwatchers
9 months ago
I think it will retreat to 1129 because of a new bullish trend started boot
Reply
chartwatchers PRO PhamPhan
9 months ago
Yes, it's possible...
Im looking for a decline at least to th 50% FIBO.
I monitorize the price on the 5 and 15 minutes chart.
Reply
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