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XAUUSD Gold completed the major correction ? Ready to big fall ? TP2 Reached

August 18th, we have published our midterm forecast and put our midterm and longterm targets. – Fundamentally and Technically –

You can read the analysis:

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 :

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-

Our Targets:
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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DISCLAIMER: This is a technical analysis study, not an advice or recommendation to invest money

XAUUSD Gold: Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. Chartreaderpro does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

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