Possible long-term Bearish set-up for GOLD
While XAUUSD has seen quite a significant since early November, it failed to push through the more significant $1300 levels. After being in a triangular pattern for several days it has gone down below the 1D 20 EMA today at around $1284. So far, it has failed to break back through. We’ll have to wait and see if the daily will close below it. This is a very good long-term short set-up on XAUUSD with very few resistance levels.
The first one being the 4H 200 EMA and the second one being the 1D 50 EMA. After those levels, the trend returns to a bearish setup following the 1D 200 EMA.
The first one being the 4H 200 EMA and the second one being the 1D 50 EMA. After those levels, the trend returns to a bearish setup following the 1D 200 EMA.
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Currently awaiting confirmation on the H1 and H4. Took an extra short position at the recent bounceNote
4H closed below the 1D 20 EMA, awaiting if there will be any more tests but for the now the signal seems extremely bearish [img]
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[img]Note
[img]And we're into the weekend. Sold of half my position purely for safety's sake. Week ended nicely under the 1D 20 EMA. Even though the short-term trend is still relatively bull-ish, the long-term trend is significantly bearish. I'll wait for more confirmations to see if there will be any follow-through on a bearish trend. So far so good.
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