Is Gold (XAUUSD) going to make a Retracement? On screen analysis

I have been keeping my eye on gold for a while now and I suspect that we will see a Retracement coming next week. The Counter Trend Line has been respected for more than two weeks now so it's just a matter of time before we will see a break of the Neckline.

Remember, Patience is Key!

Note

Even though there was a break of the Neckline Price didn't declined much further. I’m still patiently waiting... In profit ;-)

Trade active

Trade is still active. I hope we will see a further decline this week. In the image below I drew the channel price is currently in.
[img]

[/img]

Note

Last Friday we saw a break out of the channel as seen in the image above. I will wait till the close of today if Price closes outside the channel. If so I will close my trade.

Note

Because I use the Weiss trading strategy I slightly altered my channel. See image below. From this point forward Price has to make a Lower Low, if not I will close my trade. Or if Price closes outside the channel.
[img]

[/img]

Note

Price have reached the next level of S/R! Still holding on...

Note

Price is heading to my Target Point <3

Note

I am thinking about taking my profits. Price is ranging and Momentum is turning up.

Trade closed manually

Closed my trade yesterday, because Momentum shifted back up. Made some nice profits and will open this again if the overall Down Trend keeps intact.

Cas4xx

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.

Cas4xx