A great opportunity for Shorting Gold
After a successful Short trade on Gold, I still believe there is more room for Gold to go lower.
Here is the most recent short trade on Gold.
The lower band of the flag formation is my target with the stop loss above the recent swing high.
Here are the reasons for the Gold short trade.
1) This is the weighted average daily USD chart. (To replicate this see the screenshot title)
As you can see after a side way move on USD, it recently made a false break of the lower followed by a break on the upside and I think at nearest target is the Fibo overlaps or even the upper band of the blue wedge. Stronger USD means cheaper Gold.
2) See the 10 Yrs Treasury Note (Weekly)
and 10 Yrs Treasury Note (Daily)
as you can see on the weekly Chart the price respects the red line for years as support or resistance and just recently bounced off the Red line again. On the daily chart also you see that it is broken the blue wedge. Stronger price on the chart means stronger USD and stronger USD is cheaper Gold.
3) DXY also shows a break of the down trend channel. It is heading up and same story as above.
4) See bond futures too. Yesterday the uptrend structure on the 4 Hrs chart was broken and today it tried to make a tiny correction. Now it is heading lower at least with the target of the Major rising trend line. If the price heading lower then USD heading higher and as you know Gold goes lower.
Here is the most recent short trade on Gold.
Here are the reasons for the Gold short trade.
1) This is the weighted average daily USD chart. (To replicate this see the screenshot title)
As you can see after a side way move on USD, it recently made a false break of the lower followed by a break on the upside and I think at nearest target is the Fibo overlaps or even the upper band of the blue wedge. Stronger USD means cheaper Gold.
2) See the 10 Yrs Treasury Note (Weekly)
and 10 Yrs Treasury Note (Daily)
as you can see on the weekly Chart the price respects the red line for years as support or resistance and just recently bounced off the Red line again. On the daily chart also you see that it is broken the blue wedge. Stronger price on the chart means stronger USD and stronger USD is cheaper Gold.
3) DXY also shows a break of the down trend channel. It is heading up and same story as above.
4) See bond futures too. Yesterday the uptrend structure on the 4 Hrs chart was broken and today it tried to make a tiny correction. Now it is heading lower at least with the target of the Major rising trend line. If the price heading lower then USD heading higher and as you know Gold goes lower.
Trade fermée: cible de profit atteinte
