XAUUSD approaching temproray top? Gold and risk sentiment

Quick plot to watch upcoming resistance zones for Gold.

Obviously the risk sentiment (and thus stock markets) will have a lot to do with this asset.
I am expecing a ''Dead Cat'' bounce in the Stock markets very soon, and thus a dip in Gold.
I do expect the equity markets to go lower after the bounce, and that is when Gold should reach the higher target.

OR maybe the equity markets CRASH tomorrow and Gold shoots off the top of the chart.
So this plot and my entry thoughts will be based very much on what stocks do.

Commentaire:

Nice short! Chart above is not advancing, but we had a very strong rejection at the first zone expected

closeup shows how the price reached to the middle of the resistance zone and then fell away rapidly. Of course, thanks in part to the stock markets bouncing today, but that was all part of the plan. Trailing a stop now, thinking stocks will retrace some of their bounce, but keep going a little higher, so Gold might bounce a bit and then go lower I hope.

Commentaire:

Close up: