August 18th, we have published our midterm forecast and put our midterm and longterm targets. – Fundamentally and Technically –
You can read the analysis: http://chartreaderpro.com/gold-forecast-deep-can-strong-dollar-push-gold/
Price tested the 1240 resistance as we have explained on that idea. – Fundamental reasons based on ETF short positions –
We have published a simple DXY vs GOLD idea Oct 19th and the price hit 1244 as anticipated.
1256 USD appears to be a midterm trend reversal level and we do not see any fundamental reason to support Gold’s trend reversal.
We have published a Bat Pattern for our members. You ca view the setup : http://chartreaderpro.com/xauusd-gold-bearish-bat-short-opportunity-2/
As seen on the chart we have a Bat, Deep Crab and Butterfly patterns confirming the reversal of the shorter term bullish trend . On the smaller chart timeframe -H1 Chart- another bearish harmonic pattern confirms the reversal.
The price may retest 1244-1250 region which we plan to short XAUUSD.
What can be done:
* Stop Loss of the Short trade is daily closing above 1266.
** Short at the potential retest of 1244-1250
*** Short at the breakout of the trendline – as shown on the H1 Chart-
Shortterm: 1218 – 1207 – 1198
Midtterm: 1156 – 1120 – 1080
You can follow the setup : XAUUSD GOLD Bearish Bat Pattern
Update: TP1 Reached. We close 30% of the positions at 1219.
Update: TP2 Reached. 400 Pips
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