Gold is famous for his long trend,now we have already see at this beatiful bearish trend from 1355 xOZ to current 1267 xOZ. We find this pattern with a correction that hit around the 0.618 retracment of fibonacci so if we break under last low and retest the previous support we could have some pips about 500 on the table. Looks always at DXY if the strenght of dollar continued to rise we ll see gold blow down. Let s see.
YOU WOULD ENTRY ONLY ON CLEARLY SIGNAL. SO BREAK AND SELL RETEST OR A SELL STOP.
YOU WOULD ENTRY ONLY ON CLEARLY SIGNAL. SO BREAK AND SELL RETEST OR A SELL STOP.
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note: if we fail to broke down the price could form another classic pattern know as DOUBLE BOTTOM.
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the setup is still valid, clearly we not in cause we haven t yet the brake and retest. So today the economic data wasn t so strong to break that support so we have a retrace now waiting the next week to see the price action and looks if the setup come to us.
Comment:
ACTIVE but i miss it lol this is a nice setup we have different support to break but let s see patience maybe a pullback near the entry point give us another possibility