I am Short Gold for the next little while. Why See Chart below
Updated
https://www.tradingview.com/x/WutEhw1Q/
You can see here that Gold has broken support on the 15m chart. I am short for a while but I have several long term CFD's Long gold positions as overall I see its bullishness especially with the USD in free-fall this week and the USA moving on interest rates next month, however USDX is showing some strength today but many believe it could drop to the 100 level this week.
Be careful shorting Gold because there is so much upward momentum at the moment and until it breaches the 50ema on hourly chart I am cautious going short.
You can see here that Gold has broken support on the 15m chart. I am short for a while but I have several long term CFD's Long gold positions as overall I see its bullishness especially with the USD in free-fall this week and the USA moving on interest rates next month, however USDX is showing some strength today but many believe it could drop to the 100 level this week.
Be careful shorting Gold because there is so much upward momentum at the moment and until it breaches the 50ema on hourly chart I am cautious going short.
Trade active
Gold is still looking bearish to me for the little while.
It is currently in a falling wedge pattern on 2m, 15m and 1 hour timeframes.
This 4hr chart is ominous bearish to me and support is broken.
I am staying short until it bounces out of these falling wedges.
Trade active
Sorry my small error.... that chart above is an Hourly.
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The Gold price is not respecting breaks in key levels of support.
I took a loss on the trade of several hundred dollars.
I did say it's risky shorting gold while it's above the 50ema in price on an Hourly chart.
I won't be shorting Gold any further in-fact. It is TOO BULLISH and IT'S MARKET STRUCTURE is all to the upside.
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As I say above about the 15M chart... it still looks bearish to me because price action is returning to the top of structure in the resistance zone and more candles are forming across it & I still feel that it's a bearish M_TOP that is forming.
I said at the weekend, that I thought the gold price may get a correction this week and that traders may turn their attention to bid up the Bitcoin price (which happening right now thanks to a 1hr head n shoulders bullish for bitcoin)
I digress a bit, until price action for gold is down under the 50ema on 1 hour timeframe I think it is gambling going short on gold at the moment. Do your own research as well.
Order cancelled
15m & 60m chart XAUUSD
It looks incredibly bearish & M_toppy to me.
BUT, Gold is so bullish at the present & until it's price is well under the 50 ema say on the hourly chart, 4hr or even Daily (may be waiting til Xmas) I wont be Shorting it, I will buy the Dips & hold onto parcels for the medium term.
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