Short

Updated

Why I shorted Gold - Again!

https://www.tradingview.com/x/lZDs7tzL/

XAUUSD 30m Chart. These are all basically rising-wick-bearish 30 minute candles. What I see here is a retrace giving the elusion of recovering price, however the bigger overall trend for Gold currently I believe to be down.

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Nobody knows 100% where price will go. On the 5m there is this bullish Pennant. But look where price is, about to drop through and down.

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Trade active

So the Gold price on the hourly chart made a bottom 1 yesterday Tuesday and you can see price recovered through Tuesday New York Session and price getting back above the yellow 9ema. Then during wee-small hours last night Gold sold-off again creating a Bottom 2. Price has then today since 6am NY time recovered.
I see price falling to firstly rebalance the bullish purple candle because big bullish candles get retested sooner or later. I then see price heading down to make another bottom. A bottom 3 around 2474/71

Trade active

If you are looking for a trade idea
Risk 0.25 to 0.5% only of total capital
SL: 2497
TP 2474
Sell at market or wait for a retrace

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I just sold into that bullish w-bottom. The highest price it made (from a 3m w-bottom breakout at neckline) was a perfect 38.2 fib number on the recent 10m chart price swings. So I sold it. Price also fell.

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I will Short 2494.50

Trade active

Short Trade....Gold: XAUUSD

An update on the Short Gold Trade, I am still Short at time of writing. The current Daily Candle is circled and it looks ominously Bearish to me at the start of Asia Thursday. See Chart. XAUUSD is also trading below the Daily Yellow Line 9EMA

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Here is the 4HR Chart.... very similar

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Australia releases some important economic data in 25 minutes re-trade balance & others. Price may settle into a temporary direction following the outcome of this.

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XAUJPY is another Trade I have open as a Short.
It has been very weak lately in its price.
I see it falling further to test 345,000 soon.
Please see chart.

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Here is my 15 M Trend line again.
The concern now is the recent trend-line break has held to the upside. The last part of this pattern is looking bullish. We are close to the psychological 2500 pending Australian Data.

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As I live in Australia. In some ways this country is great for example, freedom and no wars. In other ways it is like the 1915s still.
They don't even publish their economic data. Politicians and their economists must be so frightened about transparency.

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investing.com do not publish Aussie data but Babypips do.
It look like the trade balance was a bullish number bigger number so Gold may not get support.

Trade closed: stop reached

I said a few hours back that a break above 2500.25 would be bullish for Gold. One thing I am watching is the USDX which has pulled back to important Fib Levels 50% soon at 38.2%. That tells me to be cautious about this Gold rally. It could be very short term, if the USDX breaks out after pulling back to 38.2.

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