KVE
Short

XAU/USD (Gold): (Double) Head & shoulders?

FX:XAUUSD   Gold Spot / U.S. Dollar
245 0 4
I entered a new long at 1314 for the longterm but on this TF there are other setups to consider also...

The most recent up trendline (from end of May) still holds but I'm not sure if this will continue...
If it breaks and we get back to the support zone then we will have formed a H&S pattern.
On a break of the neckline the target will be approximately 1250, and depending on PA after that we might be forming another (larger) H&S pattern, the down target for that one will be around 1200...

These 2 levels (1250 and 1200) will be new buying zones for my longterm position, but in the meantime, if I can find a good entry I will also try to get short to ride the way down....
Therefor: SHORT bias on the short term, BUT ONLY if the trendline and support break...

The alternative will be a break of the longterm "down" trendline and a new strong impulse up but I'm not sure if we're ready for that one yet, probably not... The down move which started on July 10th may just be the first part of the correction (possible A wave)...

Keep this in mind also for down targets (Weekly Cypher ):


This is my last Weekly/daily analysis for reference (to watch are weekly/daily MA100-200 and 'up' trendlines:
Comment: Still valid, could go even higher:

Daily BB is at 1370.
Comment: Uptrend still intact people, so no short yet..., next level to watch is obviously the former top and daily upper BB around 1375.
I still think it may retrace but I'm glad I took the long at 1314 for my longterm position...
Situation on 4h, overbought condition:

Daily/weekly updates will be popsted here:
Order cancelled: Will update in new idea if I spot something
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