XAUUSD Gold Prepare for Big Short Soon Now
Gold did get the brief bounce expected up to the first target
at 1286 witha spike high at 1289 before recoiling again.
Another 'reluctant' rally. Now it's back on support at 1274 and
this time DXY is holding up and trying to turn around to the
upside. It has not broken lower, but so far double bottomed -
conflicting near term signals, which gold is likely to duplicate.
And if the Dollar is bottoming now, it menas gold is likley
topping here, not bottoming as the chart might suggest. That
pin bar of rejection from 1289 is very ominous looking. No
longer want to play chicken with gold by buying the
lows...this looks like it will break to the downside soon. Any
move below 1270 will confirm this - look to short back to 1260
in first instance (stop above 1272) and close out here for
bounce, potentially as high as the underside of the dynamic
support at 1270 again before recoiling once more. Then,
if/when 1260 gives way short again aggressively down to 1204
with stops above 1262.
Now have zero interest in upside for gold from here. If it
rallies will not be following. End of now.
Gold did get the brief bounce expected up to the first target
at 1286 witha spike high at 1289 before recoiling again.
Another 'reluctant' rally. Now it's back on support at 1274 and
this time DXY is holding up and trying to turn around to the
upside. It has not broken lower, but so far double bottomed -
conflicting near term signals, which gold is likely to duplicate.
And if the Dollar is bottoming now, it menas gold is likley
topping here, not bottoming as the chart might suggest. That
pin bar of rejection from 1289 is very ominous looking. No
longer want to play chicken with gold by buying the
lows...this looks like it will break to the downside soon. Any
move below 1270 will confirm this - look to short back to 1260
in first instance (stop above 1272) and close out here for
bounce, potentially as high as the underside of the dynamic
support at 1270 again before recoiling once more. Then,
if/when 1260 gives way short again aggressively down to 1204
with stops above 1262.
Now have zero interest in upside for gold from here. If it
rallies will not be following. End of now.