A Short I may take during Mondays trading on XAUUSD
Gold is very bullish at present going into mid-Septembers' interest rate decision in the USA which some are saying 'is in the bag' as a reduction of at least 0.25%. This is very bullish for the Gold price as the USD becomes weaker on an interest rate reduction.
However, there is still about 4 weeks of trading until the interest rate decision is handed down to the American people whom I'm mostly certain in low and middle classes welcome such a decision.
Gold is very overbought on the important longer term timeframes D & W Stochastics and RSI. It's very 'hot' and overbought on the 1HR, 2HR and 4HR timeframes.
During Mondays' trading I will be watching these indicators very closely along with weakness in price-action across the 2m to 15m timeframes for confluence and a sell signal.
If and when I get a setup entry I will update this post with a tight stop & it should be a good yielder for you SHORT signal.
