Based on my previous weeks trade idea on gold which stated a decrease in buying and increase in selling after strong rejection of the 1295 zone causing a trend change. This continued after the FED decided to raise rates as expected and kept their views on a 3rd rate hike this year despite weaker data, this statement was considered hawkish for the USD which resulted in a large sell off on gold. We clearly have bearish momentum at the moment confirmed by large bearish engulfing candles and nicely spread EMA after a cross to the downside. I would expect this to continue to the next zone down and maybe even to the daily TL which has been making higher lows since 2017 started. Currently we are at a support so a retest of a resistance or a move back up to the EMA would offer a better RR for a short entry.
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Boom