special to xionlee spotting small time frame characteristic. (although he is bullish short term)
Gold currently at its best risk and ratio position for shorting.
At small time frame it tested the neckline and pulled back.
At medium time frame gold retraced 0.618 from the previous peak.
At large time frame we should be expecting a AB=CD trend
SHORT: 1797, Stop...
By the time of posting Jan gold contract have almost hit its November lowest price,
Ideally we are this is a double bottom then a corrective bull rally before a nenstar bearish corrective move ,
current long wiill good profit and loss ratio. with partial cover longs along the way to around 1822
This seems contradictory to the overall analysis, but true to the current oversold of gold and over buought of daxy. With the current buy the fking dip meme.
Jsut flexible with your trade. overall Up side still limited
Base on previous trend for every sizable $100 dump, gold either do another $50-100 dump or another retrace but eveytime the retrae is becoming less and less.
Breaking the latest blue line , with proper intraday pattern should trigger algos another dump , else we should see sideway with limited upside.
one interesting thing about tehnical analysis is sometimes it is ridicoulusly similar on how the the trend goes.
Gold market reaction after it made double bottom in MArch and April, perhaps dxy wil make a similar move after the double bottom
The 93.0 to 93.5 resistance is very weak and dxy is supported by the double bottom, dxy should be heading a long stable uptrend good for swing trade
I dont think my rising channel is not correct, it is to steep but the idea is there
wonrg fib ratio should be 0.91 not 0.88, but 0.886 is very strong resistance
for the current information base on this week latest low hitting approximate 0.618 retracement
we have two bullish gartely scenario which are hitting possible resistance point
and one bullish crab scenario which are meeting general down trend.
Dont be suprised the scenario are combined reversal at D, then go to point E and start the down trend (rate hike)
bearish crab strucutre destory last night, it cant hold 1725
however we ahve created very nice extended and retrace ratio.
resistance of 1750 looks strong I wonder are we going to have a fake break out to around 1760 -1765