I see Gold is short. Gold rising up for long time. Now Gold confirm bearish trend, created LL and LH in fib. level 61.80%, he make point C in this fib. level and now falling down to create point D to 1240.00. I wait to make a retest to 1300.00-1303.00 and in this level I sell Gold. Thank You.
We got an impulse down followed by a correction higher, meaning lower prices are coming.
Price is currently testing the 78.6% Fib level, if it holds, we should see an impulsive wave to the downside.
This count gets invalidated if goes above 1.3470
The trend has seen a major retracement of over 4.5 cents in the last 10 days: at the moment it seems to have stopped on the support at 1.317 and from here a rebound brought it back to the 1.327 area. Now the price is between the resistance identified by 50% of the Fibonacci retracement and the support formed by the daily EMA200, respectively placed at 1.33 and...
As you can see in H4 USDCAD chart, MA50 is strong resistance which the price reject at the point. While in USDCAD chart it was a strong downtrend in this few week, so we are only thinking of short position. Let's see will it reach the next support line 1.316 or not.
*No speculate the price, only follow the price.
*Always do your own...
Had to add bigger shorts due to impatience going to cover my premature shorts bc im looking for a dead cat bounce that will allow me to re enter shorts at better entry, but im keeping my big shorts at top bc I don't think it will hit new highs in 2019 why loose that position?