Christmas Gold Short
comments will be added soon
Note
HelloHere you can see my view about Gold.
First thing we can see that the price is in a descending channel after it reached its September high. Considering it has only touched the fib318 level (1445) once of its summer rally I am expecting another pullback to this area or even lower to the fib50 level (1412) before we can expect another impulse to the upside.
After the most recent drop in November price is just consolidating. It has been strongly rejected from the fib618 level on the 12th of December but I still expect another re-test of that level in that highlighted area which is perfectly aligned with the only green candle (6th Nov) that has been created during the November drop. That would also give us a double top formation.
If we have a look on the most recent price actions we can see that the price is forming an ascending wedge, clearly the buyers are losing control plus 100 day moving average (red line) is expected to be acting as a resistance which would give us the opportunity to open a SELL position.
Let me know in the comments either if you agree or disagree with my view. Prior to take a trade please do your own analysis first.
Note
24th Dec - Looking for price action for a possible reversal on 4H timeframe
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