XAUUSD (GOLD) and Month of May
Price stopped at our first resistance at 1325.87 (horizontal swing high resistance, 38.2% Fibonacci retracement , 100% Fibonacci extension )
and a strong drop might occur below this level, pushing price down to our major support at 1300 (horizontal swing low support).
Harmonics also indicating a reaction off this level might be a good precursor for a potential drop in price.
Technically for this new flip to Short, we'll measure such distance from the opening price of this ensuing week. But using the present 1319 level as a surrogate, less 52 points = 1264, (or less 44 points = 1272). That said, we know -- for what has now been years -- Gold nauseatingly finds endless price consternation 'round Neverland, (aka "The Whiny 1290s"), and failing that, The Box (1280-1260). Shorting Gold is a bad idea, we oft say, but as 'tis the month of May, prudent cash management is the right play.
Coming as well into play by the look of Gold's current downtrend on the daily chart appears a test of the 300-day moving average - presently at 1286
and a strong drop might occur below this level, pushing price down to our major support at 1300 (horizontal swing low support).
Harmonics also indicating a reaction off this level might be a good precursor for a potential drop in price.
Technically for this new flip to Short, we'll measure such distance from the opening price of this ensuing week. But using the present 1319 level as a surrogate, less 52 points = 1264, (or less 44 points = 1272). That said, we know -- for what has now been years -- Gold nauseatingly finds endless price consternation 'round Neverland, (aka "The Whiny 1290s"), and failing that, The Box (1280-1260). Shorting Gold is a bad idea, we oft say, but as 'tis the month of May, prudent cash management is the right play.
Coming as well into play by the look of Gold's current downtrend on the daily chart appears a test of the 300-day moving average - presently at 1286
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