XAU/USD Short Idea *Waiting*
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Guys, my bias is a sell this week. I currently see no entry to the market whereas price action right now is in the middle of a descending channel. Dollar is going to gain momentum this week and a gold selloff is coming! I think NFP will either trigger the sell off or give it a good push that's already started. Therefore with that said, I am looking for a pullback to the 38.2 fib area AT LEAST for an execution of a sell. OR a retest of previous structure high around 1328.00. Its also parity, so its a good mental value to sell off from. At this time I am not anticipating any buys whereas the strength is to the downside.
I need to see multiple confluences for me to sell at this time. So if it pulls back to the levels I am looking at, I will be looking for a double top, wicks high, rsi divergence, volume and TL's. Until then I am sitting on my hands. :)
I need to see multiple confluences for me to sell at this time. So if it pulls back to the levels I am looking at, I will be looking for a double top, wicks high, rsi divergence, volume and TL's. Until then I am sitting on my hands. :)
Note
Never pulled back for entry. Missed the big move.
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