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Gold-short

Gold coming with that basement floor energy?Hi Traders, Today is the 1st day of the new month and I am once again looking at XAU/USD (Gold) I am loving the current price action on the H4 timeframe, Price has created a double top at 1868. And 1862, Price has been moving bearish ever since with no bullish candle in sight. We have now reached 18.30 where price is currently ranging, I believe price could play around this level for a while to accumulate enough strength to push and break that support. If price manages to break the support we have a clean range of 160 pips to the downside. I will be watching this one very close as I do not want to miss out on the move should it happen, We also need to be careful and vigilant because we could see a liquidity grab resulting in price pushing up after breaking the support, So my best way to enter would be for price to close below support and then retest the zone and then start the continuation to the downside. Remember we have a 160 pip range so that means we do not have to enter immediately, we have enough range to make some money even with a late or conservative entry. With that being said, I would love to this move play out around pre-New York or during the New York session.
FOREXCOM:XAUUSDShort
by Tradebudz
Potential shorts coming up on GOLD Hi Traders, I am looking at XAU/USD this morning as the London session has kicked in, Price has dropped since the Asian session open, then reversed to the Asian open within the session, We now see that price has wicked the top of the Asian session and seems as if this could be a liquidity grab to fuel price back to the Asian lows, I love how the current h1 candle is looking, I would like to see price close and then I will be looking for shorts if price creates a minor pullback, Keep in mind that price does not have to do anything, We can only react to what it gives us. I will be looking to target the Asian lows at 1846. And I will be securing profit on the way down. This is a simple yet effective setup if it plays out. Remain patient and trade what you see, not what you think should happen. Renaldo Philander.
OANDA:XAUUSDShort
by Tradebudz
DGZ long position as a gold short alternativeBuying the DGZ gold short ETN gives exposure to the inverse of gold price, so when the price of gold fall - the value of this ETF increases. Marking that gold is hitting record highs - partially due to the commodities boom cycle, moving forward it is estimated to revert to the mean. To take advantage of any drop in price would lead to an increase in DGZ. Technical Analysis RSI shows a similar pattern to mid-Q2 of 2011. The price has broken below the 2013 support level. DGL is the gold ETN line to see the spread between the two. Spread gap is quite high and historically this spread has reduced over the long-term. MACD is relatively flat which shows not much volatility since 2021. The increase in gold price is less sensitive to the drop in DGZ. As the spread converges, sensitivity should increase and rate of price appreciation in DGZ should rapidly increase once gold reverts to the mean. Fibonacci retracement shows price approaching 23% reversal. a break through this level can see rapid decrease.
AMEX:DGZLong
by ashpat86