FX:XAUUSD   Gold Spot / U.S. Dollar
After a big bearish run Gold             found support at 1200.00 as far back as June 2013 and has since been stuck in a descending triangle . As price has been squeezed lower we saw a false breakout at the end of September 2014.
Since this breakout we have seen price create this descending wedge .

More recently price broke out of this wedge , retested the trend line , before continuing back down to hit support at 1200.00 yet again. However following Thursdays Non-Farm Payroll announcement, a breakout past the support occurred and was able to close below this level.

A retest of the 1200.00 level as resistance would create a great entry to short this pair in a bearish continuation to the next significant S/R Level at 1000.00.
sub 1000 maybe?
+1 Reply
ForexVader jangseohee
We'll definitely see a break below 1000, medium term.
Buy stawks and USD! short gold until 250$/oz , it's a no brainer
+1 Reply
I'd say $250/oz is ambitious! Considering the inevitable fall of the fiat currency in the not too distant future... =p
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