Despite recent fluctuations, my medium-term bearish outlook on gold remains firm.
Last Friday’s NFP report caused a spike that hit my stop loss at 2390, leading me to temporarily exit the market.
My Scenarios:
Rise and Sell:
Gold may rise to test 2400 or higher. If it shows weakness at this level, I'll look for a selling opportunity, targeting a drop back to the support level(around 2300)
Consolidation and Drop:
If gold fails to break above the recent high, I expect a drop to support (2300), marking this new high a strong ceiling level.
Daily Time Frame:
On the daily chart, yesterday’s drop negated the NFP rise, reinforcing my bearish outlook.
If gold rises again above 2400, in my opinion it’s unlikely to hold gains, also suggesting a continuation downward.
Last Friday’s NFP report caused a spike that hit my stop loss at 2390, leading me to temporarily exit the market.
My Scenarios:
Rise and Sell:
Gold may rise to test 2400 or higher. If it shows weakness at this level, I'll look for a selling opportunity, targeting a drop back to the support level(around 2300)
Consolidation and Drop:
If gold fails to break above the recent high, I expect a drop to support (2300), marking this new high a strong ceiling level.
Daily Time Frame:
On the daily chart, yesterday’s drop negated the NFP rise, reinforcing my bearish outlook.
If gold rises again above 2400, in my opinion it’s unlikely to hold gains, also suggesting a continuation downward.
Note
XauUsd is pressing in the yellow zone.A zone that coincides with Friday's NFP low and yesterday's low.
Also, the pattern from the past few days is looking like an H&S
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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.
📈 Forex & XAU/USD Channel:
t.me/intradaytradingsignals
💎 Crypto Channel:
t.me/FanCryptocurrency
Related publications
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.