Ending this week off on a big red after Thursdays crash, gold finding support around 1745.
With Friday showing more buying pressure than selling pressure we would expect price to retrace slightly to around 1773 - 1780 before FOMC.
This would give us a good area to short for the possibility of tapering starting on the 22nd of September.
Gold Must Give Us Major Pips This Week:::: Lol!!! ... Ideal Trade Indicated On Chart With SL Higher Highs... This Pair Has Been Destined To Fall Hard For SomeTime Now. Not Sure Why It Keeps On Making Higher Highs .... Maybe Waiting On News??? Regardless, Still Getting Sell SetUps & Taking Them For Few Pips If Trade Plays Out
As we can see in daily timeframe - weekly timeframe
xauusd have a good power to bullish
however we can see on daily timeframe that xauusd don't have Higher Low
so this scenario might bring xauusd drop to 1809
if u have any ideas don't be shy to comment below !
Price consistently respecting dynamic resistance, sitting around 61.8 fib level, and showing clear bearish bias on higher timeframes with bearish market structure. Could anticipate potential impulse towards downside, price target of 1675
Looking to sell at 1831.45
Trading with the wedge conformation the selloff is close to an exhausting count on the intraday chart.
50% fibonacci level 1830.47 from 1876.07 to 1784.86.
Resistance located at 1831.45 resistance could prove difficult to break down expect a reversal in this move preferred trade is to sell into rallies.
In this potential short trade we are looking for the start of Wave (C).
Only trade this if the following conditions are met.
Risk\Reward Ratio: 4.5
If price goes above $1851 before the entry level is hit then this trade idea is invalidated.
Remember to use Disciplined Money Management Principles to ensure longevity as...
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You will get burnt.
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Original Gold Short Idea...