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Xauudshort

XAUUSD: LOOK FOR SHORTS SOON!Setup Overview: I believe gold has completed its 'A' pattern of the 'ABC' correction structure. Now that we have this data, we can make an educated guess that the market will go for shorts around the 1573 to 1583 mark (red zone drawn above). It's important to monitor price action in this zone before placing a sell order (because of the 100 pip differential between the top and bottom of the red box drawn). This is the zone between the 50% and 61.8% move that usually reverses the market on a 'B' wave. Profit Overview: Gold has a history of wave 'A' and 'C' being the same length (or 200% of wave 'A', however you want to look at it). However, I have put take profits between 150% to 161.8% of wave 'A' to ensure we will be taking profits at the first stop on the way down as most probably will be. Risk on sell: Make sure to widen stop losses because as in any 'ABC' correction, wave 'B' may retrace to the 78.6% line. As always, this is all just for educational purposes, I am not a financial adviser. Good luck Traders!
OANDA:XAUUSDShort
by PierreFX
XAUUSD approaching resistance, potential drop! Price is approaching our first resistance at 1325.87 (horizontal swing high resistance, 38.2% Fibonacci retracement, 100% Fibonacci extension) and a strong drop might occur below this level, pushing price down to our major support at 1302.72 (horizontal swing low support). Stochastic(89,5,3) is also approaching our major resistance where a reaction off this level might be a good precursor for a potential drop in price. Losses can exceed the initial investment so please ensure you fully understand the risks Trading CFDs on margin carries high risk
FX_IDC:XAUUSDShort
by Tickmill