FX_IDC:XAUUSD   Gold Spot / U.S. Dollar
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If there is one financial instrument between indexes, currencies and commodities that has been really unpredictable that would be gold             . Even on those few times that our analyses were right, after several errors, the big players made it very hard for us to trade it because the stop hunts were unprecedentedly nasty.
Infact, looking at the monthly timeframe , GOLD             FX_IDC:XAUUSD             is really just in some lateral consolidation movement.
If you check carefully though, May seem to have been a bearish engulfing candle, and the upwards swing of last week could really be a retest of the resistance area and also a bullish shark pattern forming its "C" point, right around 1317.
Therefore, potentially gold             could be in a false break of a neckline ( resistance area mentioned above), and, following the shark pattern towards its "D" target area, we would coincidentally also hit a right shoulder of a weekly bullish H&S , which would confirm 1047 as a long term bottom and would have, a weekly long term target in the 1500 area.
Of course, under these terms it is potentially hard to find the right short entry level, mainly due to the difficulties in selecting the right stop loss. Let's keep an eye on this, for the moment, and, if we have confirmation of this model, let's see if we are able to find a good entry point on minor timeframes.
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