Its time to short US500, last candle is a clear bearish signal. In addition we have a double top, and momentum didnt make a higher high as the price hence there is a divergence.
SELL
Gold was ranging in the 38.2-50.0 levels of Fibonacci and in the past two hours it was trying to break out. If the Breakout is confirmed the next resistance is at 1535 and then all the way up to 1541, if that breaks the price will go and retest 1555.
As you can see Gold is getting squeezed in that triangle, meaning that a breakout is due. If it breaks above the trendline it will go back to the high of the mini range at around 1508, and if it breaks down Gold wil retest the support at 1480.
Gold is moving in this range from the 15th of August. This range was tested many times and it looks strong, a bullish breakthrough will see gold move up 15 dollars to 1510 USD. A failure to break the trend will drive the price to new lows with a first target to 1487. IF it does break put your TP at 1510 and the SL at 1490. IF it falls back TP at 1487 and SL at 1500
There is a triangle formation on the XAUUSD which is getting closer for a breakout. The bearish trendline was tested three times and looks strong. In the next couple of hours we will see where gold will head so wait for it and act accordingly. The next support is 1504 and if it breaks it will head to the psychological level of 1500 and test 1495. On the upside the...
XAUUSD will look to consolidate at around 1430-1435 for the european session. After every big move, XAU always consolidates before the next move. Today we will be waiting for the announcement of NFP, and the announcement of Trump regarding a trade deal with the EU. Look forward to those releases before making a move or if a breakout happens before that, but be patient !
When it Breaks the next move will be a 6 dollar move either to 1416 or 1398. I would wait for a breakout and the next data release at 15.30 GMT+3 to make my move
