Goldtradingidea
Weekly Gold Market Analysis January 14th 2018.COMEX Gold futures ended last week on a high note, touching a new all time high for the year at US$1,340.00 before closing at US$1,334.90.
The buying climax was obvious and bulls were determined to press forward the resistance at US1,340.00 but were unable to keep it above that level due to tepid last hour volume.
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XAUUSD Short OpportunityPrice is in a downward trend and has recently completed a Double Top Pattern. It has also broken through 200 SMA.
We enter trades upon break below the neckline and set our profit target at the D point of the Cypher Pattern.
Take note that price is currently near oversold levels so price may rally a bit before breaking below.
IF, and a BIG IF at that, price shows reversal at the D point, we enter long positions.
GOLD POSSIBLE OUTLOOKSuppose the 1264 handle holds, this is what i expect to see in gold, possible 1285 later. I normally don't trade this pair.
