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Time for Gold to correct?

FX_IDC:XAUUSD appears to be running out of steam and Friday closing shows two potential reversal signals. Waiting for confirmation.
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I think that is not a reversal pattern, if you look at the 1H / 4H timeframe, that show a retest to 1313 and cant break then pull up again, i think that is a continuation bullish pattern
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RionZealouzsKurniawan RionZealouzsKurniawan
@RionZealouzsKurniawan, that is just my opinion anyw thankyou for sharing
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jamaldwayne RionZealouzsKurniawan
@RionZealouzsKurniawan, You're right, to be accurate I could have said my reversal signals are actually pointing to retracement.
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I definitely agree with you :)
Let's wait for confirmation candle and then just jump in.
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jamaldwayne simonepepita91
@simonepepita91, I'll be watching it with my eyes peeled :) Good luck trading!
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Please update
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monitorr monitorr
@jamaldwayne, by the way what are the two different reversal patterns?
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@monitorr, the Friday doji formed a hanging man candlestick in an long uptrend this often signals exhaustion and profit taking. The second signal is 14d RSI, which I circled in yellow. When RSI crosses 70 mark it suggests that the market is overbought and is due to turn in the opposite direction
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monitorr jamaldwayne
@jamaldwayne, yes I see. I know that markets can run overbought for some time but perhaps with the hanging man so similar top the other example you show it must be a correction. When do you think this will be likely? Perhaps next day or two? Do you think it will bounce on the first level of support or go as far as 1299. Perhaps its just a healthy retrace?
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@monitorr, I’m expecting to see the confirmation on Monday. I’m also carefully watching the Dollar Index, which is what’s been supporting Gold price last year. If Dollar bounces back from recent lows, it will be another indicator to short Gold. I think the market recently oversold Dollar and overbought Gold. If the QE unwind and TAX reform starts to fuel inflation later in the year, this will send Dollar up and Gold down. I think a retrace to 1299 is very real.
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