649bruno
Short

XAUUSD Update: Weakness Prevails

FX_IDC:XAUUSD   GOLD / US DOLLAR
121 2 7
This is an update for those of you who follow-XAUUSD.
There are STILL plenty of sharks in the water. From the chart action I would say the trend is down.
Most time horizon charts for-XAUUSD are very negative.
1. There has been a complete breakdown since the wedge was violated (see chart from 12 days ago).
2. Many sell Fractals (rectangles).
3. The top middle indicator is a 9 interval momentum of OHLC/4, and this has crossed the zero line down-wards.
4. The top indicator is a 34 interval momentum reading of the XAUUSD-price. This is weak, heading lower. This is a sell signal.
5. Chop (under chart) is in the UNDER THE SHADED AREA, indicating a STRONG DOWN MOVE. This is a sell signal.
6. Chop zone (under chop) is red, indicating a downward trend. This is a sell signal.
7. The red conversion line of the Ichimoku Cloud is heading lower. This is a sell signal.
8. The black baseline line of the Ichimoku Cloud is heading lower. This is a sell signal.
9. Prices are trading below the Ichimoku Cloud conversion line and baseline. This is a sell signal.
10. The Ichimoku Cloud is heading lower. This is a sell signal.
11. The Ichimoku Cloud has a red border. This is a sell signal.
12. Prices are now below a 233 interval trend-line. This is a sell signal.

13. The top lower indicator is a forward projection. For an estimation of possible FORWARD TRENDING I use the Ichimoku Cloud Senkou Span A (Leading Span A): (Conversion Line + Base Line)/2)). This is the midpoint between the Conversion Line and the Base Line. The Leading Span A forms one of the two Cloud boundaries. It is referred to as "Leading" because it is plotted 26 periods in the future and forms the faster Cloud boundary. I then make an oscillator out of this and plot the progress up and down around a “zero line”.
I HAVE THE RESULTS OF THESE CALCULATIONS FOR-XAUUSD IN THE TOP LOWER INDICATOR. IT IS VERY NEGATIVE.

Positives to report: None. There are so many negatives I believe the TREND IS DOWN.
I hope all of your trades go well. Don.
Soren_S
3 months ago
Thanks for your informative posts and sharing your knowledge with us. It's very educational and I have learned a lot from your posts. Keep doing the great job.
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Chris_T
3 months ago
Seems you are the contrarian here, my friend. Lots of people looking for higher prices short term (of course they could all just be long and praying). I myself am on the sidelines as I can see it going either way, which basically means I'm clueless at this point. *LOL*
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