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GOLD - Update on Short Opportunity

OANDA:XAUUSD   Vàng / Đô la Mỹ
Last week Gold never gave us a sell setup and instead spiked up on the verge of certain news events. Finally however, it has now completed a more defined and clearer pattern for us to trade, at least. It seems clear now that, in fact, as the commodity reached previous highs but did not break them and consolidate and, instead, it reversed to the downside, it will now most probably go to retest previous lows in the 1300 area.
On the 60min timeframe, OANDA:XAUUSD is making a small flag for a tiny bit more upside which will complete a minor flat pattern. If you decide to take this trade, take profit as it will be extremely short lived. Right after that, in fact, we are expecting a downside movement which to us is a far more interesting opportunity. From this moment on therefore, we will be looking for sell setups, on GOLD .

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Bình luận: To those who followed our sell lead on Gold congratulations ! At this moment, we are still holding our short positions as we believe there is another movement to the downside coming, on gold. However, the commodity's price is bound for a small correction:

Bình luận: Amazing sell, this one. Congratulations again to everyone who followed our lead on this great setup. Protect your profits now, and watch it around the trend line because both scenarios are still valid (running flat for more upside from the trend line, or downtrend continuation to complete bigger ABC correction):

just one comment : the downside move you are forecasting on gbpchf which should see in parallel an equivalent downside move on gbpjpy, eurjpy and eurchf as well will be quite unusual to be seen with this substantial downside move you are calling for gold. ordinarily gold, jpy and chf should go up alltogether, here if we sum up your view we will have upside for chf and jpy and downside for gold.
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TradingClear lapin_eliott
@lapin_eliott, many thanks for your comment. Fist of all, please don't forget that these and other forecasts can happen in entirely different moments. In any case, we now expect all GBP pairs to break their previous tops, before going for a bigger down move, at the moment. Only GBPCHF has already broken the top and could therefore be ready for a down move, or a longer downwards consolidation, whereas GBPNZD, GBPJPY, and GBPCAD are all showing a move up to break their previous tops first (to be precise GBPAUD and GBPNZD have a very tiny down move, before they move up towards their respective tops). In addition to that, we cannot exclude that USDJPY has another major move down on the daily to extend it's previous low. Having said that, however, we would not just assume that XAU, JPY + CHF ALWAYS go up together and in relation to ALL other pairs. As a generic statement one could agree, but in planning trading strategies, we need to consider that gold could spike up and USDJPY and USDCHF could just consolidate sideways, as has happened in the past. Hope this helps,
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