ForexVader
Short

GOLD MINING ITSELF TO NEW LOWS - XAU/USD

FX:XAUUSD   Gold/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.
Stockman
2 years ago
Buy stawks and USD! short gold until 250$/oz , it's a no brainer
+1 Reply
ForexVader Stockman
2 years ago
I'd say $250/oz is ambitious! Considering the inevitable fall of the fiat currency in the not too distant future... =p
Reply
jangseohee
2 years ago
sub 1000 maybe?
GC1!, sub 1000?
+1 Reply
ForexVader jangseohee
2 years ago
We'll definitely see a break below 1000, medium term.
Reply
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