XAU/GBP pairing
Admittedly the pound hasn't the the strongest, albeit terrible of late since brexit scaremongering was initiated.
Looking at the .618 fib for support or resistance to be found before assuming trend direction however this setup is looking fairly solid. typical market cycle, overbought conditions stretched to inflection point before making a move down. Looking at £840 levels for golds next stop where if support is found a bounce should occur to resistance. Sure gold is in scarce supply and the pound is weak however probability suggests that the pound will go up and gold down. this is the perfect combination for a short entry, more so than with a dollar pairing.
Basil
Admittedly the pound hasn't the the strongest, albeit terrible of late since brexit scaremongering was initiated.
Looking at the .618 fib for support or resistance to be found before assuming trend direction however this setup is looking fairly solid. typical market cycle, overbought conditions stretched to inflection point before making a move down. Looking at £840 levels for golds next stop where if support is found a bounce should occur to resistance. Sure gold is in scarce supply and the pound is weak however probability suggests that the pound will go up and gold down. this is the perfect combination for a short entry, more so than with a dollar pairing.
Basil
Note
Trendline/fractal clone from similar move zone shows target buy back slightly higher than the fib projected on the inital chart. I Believe the Trend line will be respected as gold is #1 commodity so will be keeping a close eye on the moves down for impulsive squeezes. these are zones where positions should be cut by taking profit and coming back into the market when the trend resumes. Trade active
Note
might be getting a banana squeeze here Note
broke out of bullish banana bunch up to 926 which was a nice move. Bearish DIV and double top showing on smaller timeframes, possibly wise to take some profits if you got in at the banana intersection. Basil Trade closed: stop reached
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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.