lucamodena
Short

Short-term retracement just around the corner.

OANDA:XAUUSD   Gold Spot / U.S. Dollar
Hi All,

It looks like gold managed to break the previous resistance level around 1300-1305 $ - I guess this last push was due to some rumours concerning the FED monetary policy and the believe that Jerome Powell will announce a withdrawal from the QT (thing that in my opinion cannot happen cause FED would loose the rest of it's doubtful credibility).

Once the QT and the remaining 2 interest rate raises will be confirmed to be the FOMC strategy for 2019, the retracement on gold will start.

TA: We have an Alernated Bat Harmonic Pattern (wchich should be completed at D point around 1303$ - however here I expect an extension to a 1322 $ level.

Moreover if you look at W1 chart you will notice a multiyear consolidational symmetric triangle pattern. We are approaching the upper line of it located around 1323 $ level.

On RSI and MACD indicators we can see a clear bearish divergence.


Take profit area : 1210-1215


Don't forget to accumulate physical precious metals on the bottoms!!!

Good Luck and Have Fun ;)
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