Gold vs US Dollar broke a significant support level at 1282.69
Wait for a pullback and Short the pair.
TP 1 at 1266.13
TP 2 at 1248.00
Good luck everyone!
Gold expect soon up to 1320-24, bottom is 1266, extension 1262, but i think 1266 will hold. BOED valid up 500 pips (50$).
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UJ has finally reversed due to the counter bought back on US equities, indicated that last week Gold false break to 1300 was just a panic sold off on US Equities.
Gold took a bearish Impulse and now correcting itself,
once the 1280 level broke then have the confirmation to downward trend
Orders can be placed at the pullback level so around (1284) we can place
a sell limit,
Things to remember (RULES)
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1.) If breakout occurs as an Impulse & touch near 1260 then this pattern
will...
After a BigFall from 1308 level ,Now Gold is consolidating and sooner the zone will become green at 1278.
One can look for 1278 price for the entry.
Strength-meters and Green STARs are forming which is a good signal.
Look at the 1 hour chart as soon as a bullish candle appear long can be taken and follow the 4h trend .I will post update time to time.
Like...
Hi Guys,
according to the Daily chart of USD/JPY that I posted on Feb 2, 2019 and the principle of negative correlations between their moves, GOLD is about to run towards the 166SMA with approx target/support at 1.260/1.240.
Since USD/JPY reached the level of the blue bold horizontal line at 112 with a bullish move, I would expect GOLD to unfold a bearish move....
Gold price is widely followed in financial markets around the world. Gold was the basis of economic capitalism for hundreds of years until the repeal of the Gold standard, which led to the expansion of a fiat currency system in which paper money doesn't have an implied backing with any physical form of monetization. AU is the code for Gold on the Periodic table of elements, and the price above is Gold quoted in US Dollars, which is the common yardstick for measuring the value of Gold across the world.
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