Gold short play intact

FX:XAUUSD   Gold Spot / U.S. Dollar
Gold             has formed a reversal candle at the top of a downward channel with Friday's close. The divergence on MACD is getting more pronounced as indicated by the pink lines. Looking at a price target of about 1130 - 1150 to coincide with both 200 day Moving Average as well as Fibonacci Retracement 61.8% level. Since 2013, prices has fallen on average 9-11% from the top of the downward channel (will post chart picture for clarity).

Comment: Historical Price Drop from Top of Channel since 2013.

Comment: Prices of gold subsiding from top of channel. Short position might very well play out after next week's BOJ and FOMC meetings.
just looking at the COT data commercials are extreme short ..... i like your trade setup
JonathanWong showmethepips
Thanks. Open positions for commercials and swap dealers are net short but prices have been pushing higher.
showmethepips JonathanWong
Probably still increasing NET shorts.....
showmethepips showmethepips
Ill short GOLD but not until its tested 1300
JonathanWong showmethepips
cheers! Safe trading and good luck!
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