XAUEURK trade ideas
XAU/EUR Currently consolidating under the T.L support but further decline seems likely.Under T.L resistance from Nov 3rd continue to look for shorts.In medium term we may see 960-940 levels come into play.If we break below these levels decline may extend further.
Gold in EUR,weekly, short, target ~640 EUR/OzIdea: 2 identical drives lower. That would imply EUR/USD to test 1.20- 1.22
GOLDEURO-nice long opportunityEverybody is looking at USGOLD now, here i found a clear long term opportunity to buy gold.
This setup is also supported buy Elliott Waves but i think the technical analysis is enough.
Looking at W1 chart we have:
- Price bouncing from trendline support
- 0.61 fib retracement
- bullish hidden divergence
- AB=CD pattern (weekly)
Here on D1 chart:
- bullish divergence
- another AB=CD pattern
- strong structure
- typical false breakout (this setup offers a R/R at least 1 to 2)
- engulfing bullish candle
- 1.61 fib projection
Best regards.
