XAUUSD collapse
We have just seen a huge collapse in Gold, after a retest of KEY monthly support at 1890, and a 3 year descending trendline
Possible short at around the 1150 area, however, given the huge bearish pressure on Gold, and the ramping up USD bullrun, this may not happen - however, we have a clear Doji on the weekly, a low test candle on the daily, a clear double bottom with MACD divergence on the weekly, and a test of the descending wedge.
Also possible is a break and retest of 1080, then collapsing to 984 S/R - Either way, this looks very bearish.
Downside targets are:
1st target: 1080
2nd target: 984
A retest of 1150 has the following confluence:
Technical:
With the dominant bearish trend, since mid 2011
1150 KEY support / resistance
Top of descending wedge pattern
Weekly 50/60 EMA's
Daily 200/250 EMA's
Fundamental:
Falling commodity prices
Lower exports, and therefore demand, from china
Falling global growth
USDollar bull run shaping up
US rate hike whispers - particularly after last months great NFP report
Hopefully a clear weekly or daily entry signal occurs to allow a trade.
Possible short at around the 1150 area, however, given the huge bearish pressure on Gold, and the ramping up USD bullrun, this may not happen - however, we have a clear Doji on the weekly, a low test candle on the daily, a clear double bottom with MACD divergence on the weekly, and a test of the descending wedge.
Also possible is a break and retest of 1080, then collapsing to 984 S/R - Either way, this looks very bearish.
Downside targets are:
1st target: 1080
2nd target: 984
A retest of 1150 has the following confluence:
Technical:
With the dominant bearish trend, since mid 2011
1150 KEY support / resistance
Top of descending wedge pattern
Weekly 50/60 EMA's
Daily 200/250 EMA's
Fundamental:
Falling commodity prices
Lower exports, and therefore demand, from china
Falling global growth
USDollar bull run shaping up
US rate hike whispers - particularly after last months great NFP report
Hopefully a clear weekly or daily entry signal occurs to allow a trade.
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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.
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.