1hr timeframe XAUUSD forecast.
Updated
This week is full of news among which another Trump scandal was actively discussed by liberal media. We were again told about impeachment, what motivated investors to avoid all the potential risks by moving to less risky assets, such as gold, bonds and EUR-/JPY-denominated financial instruments. This move forced the dollar index to decrease. However, the Friday trading session was positive. Moreover, VIX did not change too much, and the next week expected to come back. It shows that investors are no more concerned with Washington problem and the major contribution for this change in investor's mind comes from Comey (the former FBI director) - he had nothing serious to say about Trump-Russia relationship.
What I am trying to say. The impulse in the green area is the outcome of the scandal and it has a really sharp angle. Generally, sharp impulses has a tendency to loss its driving force and transform into consolidation with the following downward movement, what we, literally, see in the graph. Thus, I expect the XAUUSD come back to 1215 the next week and make another consolidation before the next drop.
Trading signal: short at 1244 level.
What I am trying to say. The impulse in the green area is the outcome of the scandal and it has a really sharp angle. Generally, sharp impulses has a tendency to loss its driving force and transform into consolidation with the following downward movement, what we, literally, see in the graph. Thus, I expect the XAUUSD come back to 1215 the next week and make another consolidation before the next drop.
Trading signal: short at 1244 level.
Note
It's pretty clear: we are having a double peak with the following drop to 1244.
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