The GOLDEN Arc | Long if ranging, short if trending
Updated
Some people may call me obsessed over this rare, precious metal - I like to think of myself as a modern-day GoldRusher.
XAUUSD is currently ranging, perhaps because of political uncertainty, perhaps because it's just the way GOLD works. Not taking into consideration the fundamental side of the market, I would tell everyone to go long on XAUUSD right now and ride it up to 1360.00. Forex doesn't work like that, however.
We've seen promising reports from the US DOLLAR recently suggesting that it's going to gain strength, grow legs and run away with all other currencies. We're also expecting a speech from Trump later today.
Factoring in all of the above, it's almost impossible to say for sure whether XAUUSD will break below the support line, out of the range and into a trend or simply just carry on upwards, and downwards, and upwards, and downwards.
Watch this space for a closer look into the XAUUSD graph later today.
XAUUSD is currently ranging, perhaps because of political uncertainty, perhaps because it's just the way GOLD works. Not taking into consideration the fundamental side of the market, I would tell everyone to go long on XAUUSD right now and ride it up to 1360.00. Forex doesn't work like that, however.
We've seen promising reports from the US DOLLAR recently suggesting that it's going to gain strength, grow legs and run away with all other currencies. We're also expecting a speech from Trump later today.
Factoring in all of the above, it's almost impossible to say for sure whether XAUUSD will break below the support line, out of the range and into a trend or simply just carry on upwards, and downwards, and upwards, and downwards.
Watch this space for a closer look into the XAUUSD graph later today.
Note
A closer look at the Golden Arc (or lemon) for XAUUSD. Personally, I'm still confident in a long-term sell.
Note
Final short-term update/analysis:
Note
We've reached the 78.6% Fib line (1295.00). Next TP is down at the next Fib line (61.8%). Continuing to short. Wait for pull-back if entering now.Note
TP! reached. Can we now expect a deep re-tracement or will we see Gold enter the 1200 region...?
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