Gold Pullback Anticipated Before Continuation to the Downside
Updated
Gold has really been falling of a cliff this past week or so, with very little in the way of a pullback (for short entry) since the break of the bullish trend line around the $1230's area.
I know I have posted a few potential set ups where Gold could have pulled back for entry, but unfortunately they did not play out - which is not a problem, as we would not have entered.
It really does look like a pullback is imminent at the moment, and as you can see I have again applied a nice Fibonacci retracement to it's recent move. We can really hope for a nice pullback to around the 38% area which is also close to a level of interest (blue dotted line).
I will be watching around this area or even the $1225 Resistance area for a reveral, to enter short again.
The higher timeframes (Monthly, Weekly & Daily) all look pretty bearish with the Monthly & Weekly MA's currently diverged and looking like they'll be crossing to the downside soon.
Let's see if we can find a nice entry point for a nice short all the way down to $1180-1175/oz
I know I have posted a few potential set ups where Gold could have pulled back for entry, but unfortunately they did not play out - which is not a problem, as we would not have entered.
It really does look like a pullback is imminent at the moment, and as you can see I have again applied a nice Fibonacci retracement to it's recent move. We can really hope for a nice pullback to around the 38% area which is also close to a level of interest (blue dotted line).
I will be watching around this area or even the $1225 Resistance area for a reveral, to enter short again.
The higher timeframes (Monthly, Weekly & Daily) all look pretty bearish with the Monthly & Weekly MA's currently diverged and looking like they'll be crossing to the downside soon.
Let's see if we can find a nice entry point for a nice short all the way down to $1180-1175/oz
Note
The interest rate hike news yesterday caused us to have a massive pullback.We have seen a pullback to around $1233~
A slightly larger pullback than initally expected, however the news gave us the momentum to do so.
I am now eyeing up shorts around this area.
The extended pullback has given us even sweeter short entry points.
I would use some counter trendlines and candlestick formations to find an entry and ride it down to where you see fit.
I do not want to offer a signal service, so I wont give out exact entry/stops/targets.
Just know I would be looking at shorts around here at least back down to $1200~, even with $1180/1175~ and beyond.
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