Hello Traders! Gold is in what seems may be a consolidation between the 2 parallel yellow trendlines . it is not complete so these were randomly drawn as to show what I believe price is doing. if I am right, there may be a trade to short Gold at likely a .618 of the 'A' leg in the parallel channels as i believe this small bull move is wave 'B', if short, we may ...
On 4H chart of XAUEUR, price consolidated at 1080 level, then spiked to 1103 with 2 bold bullish candles, expecting strong trend next week together with the gold cross on MACD. Besides, CD leg of bearish ABCD pattern will finish near 1246, concides with middle channel of pitchfork, crucial resistance to watch. In short term trade, TPS can be set at 1105 and 1116.
This is my long-term view for XAUEUR. There is high probabilty of 3 drive pattern in development. As for now geometry of patern and fibs ratios are compliant therefore i expect another wave up very soon. Price found support on weekly trendline. Cross market ananlysis supports concept as price of XAUJPY and XAUUSD shows signs of continuation patterns. Regards
A set up for completely free money. XAUEUR pair. Check it out see if it is a setup you would be interested. Remember this is not a signal. It is a decision you have to make based on analysis. Use good risk management. Let's catch pips this week. The past is your lesson. The present your engine. The future; your motivation.