Gold-sell
Gold 50 % retracement I see a nice sell setup on Gold for a day trade. So yesterday Gold dropped more than 400pips after taking the weekly high from 10 august 2022. I see a further correction before the bull trend continues as Gold is seasonally bullish from this time of the year. The fib extension is at 50 % and the price just reached 200ema. Which is double confirmation for a short setup.
2:1 RiskToReward: Gold Sell Off This trade idea is supported by multi-timeframe analysis, trend continuation and market structure. All key components of sound price action trading.
Going into the trade setup, Gold is trading "flat" for the day (price is equal to the start of the day). However that doesn't tell the whole story, throughout the Asian session the market traded up and tested one of our levels highlighted from the market breakdown I posted last week (linked below). As the market ticked over into the London session, price broken below this marked red arrow line to signify both a break of support and also a break of the market structure on the small 1hr timeframe.
GOLD XAUUSD SHORTThe pair reached H4 resistance after a buy movement. The pair has been a downtrend since the beginning of this year.
When looking at the crude oil on the fundamental level, it is said it will drop proving the USD currency direction for the next up coming months.
I predict it will short to 16660.47