XAU/USD Short Idea *Waiting*
Updated
Guys, my bias is a sell this week. I currently see no entry to the market whereas price action right now is in the middle of a descending channel. Dollar is going to gain momentum this week and a gold selloff is coming! I think NFP will either trigger the sell off or give it a good push that's already started. Therefore with that said, I am looking for a pullback to the 38.2 fib area AT LEAST for an execution of a sell. OR a retest of previous structure high around 1328.00. Its also parity, so its a good mental value to sell off from. At this time I am not anticipating any buys whereas the strength is to the downside.
I need to see multiple confluences for me to sell at this time. So if it pulls back to the levels I am looking at, I will be looking for a double top, wicks high, rsi divergence, volume and TL's. Until then I am sitting on my hands. :)
I need to see multiple confluences for me to sell at this time. So if it pulls back to the levels I am looking at, I will be looking for a double top, wicks high, rsi divergence, volume and TL's. Until then I am sitting on my hands. :)
Note
Never pulled back for entry. Missed the big move.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.