GOLD XAUUSD - HAS IT HIT THE TOP? TIME TO SHORT IT? SEE ANALYSIS
Updated
Hello tradingviewers,
-As we seen this week, GOLD has broken a key level and got to higher highs since 2011, although I do not believe people should jump into it too fast although I am at heart very bullish in GOLD, could even see it to 2000$ !
-But as of right now, we are at a key resistance level area near 1921$ and as we can see through history back in 2011, GOLD never reached beyond that, but ended up correcting very heavily turning in to a bearish market bottoming in the 1050$ area.
-For now, I will be shorting GOLD for a minor correction until I see more bulls coming in to push price (overbought at the moment) , I am currently eyeing a correction sub-1800s and than we will probably move back up...but we will see until than for my next analysis.
Thank you for looking into my technical analysis I hope you a happy & safe trading ... My GOAL is to help people make money & show AUTHENTIC + TRANSPARENT track record of my success/failures in the forex market and stock market.
PEACE OUT ! MUCH LOVE !
-As we seen this week, GOLD has broken a key level and got to higher highs since 2011, although I do not believe people should jump into it too fast although I am at heart very bullish in GOLD, could even see it to 2000$ !
-But as of right now, we are at a key resistance level area near 1921$ and as we can see through history back in 2011, GOLD never reached beyond that, but ended up correcting very heavily turning in to a bearish market bottoming in the 1050$ area.
-For now, I will be shorting GOLD for a minor correction until I see more bulls coming in to push price (overbought at the moment) , I am currently eyeing a correction sub-1800s and than we will probably move back up...but we will see until than for my next analysis.
Thank you for looking into my technical analysis I hope you a happy & safe trading ... My GOAL is to help people make money & show AUTHENTIC + TRANSPARENT track record of my success/failures in the forex market and stock market.
PEACE OUT ! MUCH LOVE !
Note
Gold has completely BROKEN the resistance of 1921$ back in 2011, very bullish although I do believe a pullback is coming soon, I have moved my stop loss up to 1976.50$ from the intial SL of 1957.35 because my risk management permits me to do so. If GOLD can break even 1950 there can possibly some high fear of missing out momentum to bring to 2000$, which would be quite a breaking news this coming up week. Always practice risk management.PEACE OUT & MUCH LOVE !
-DMJ
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