GOLD - rallied into resistance, now what???
Fib study not included in published chart...will try and re post.
Further to my ongoing posts re. XAUUSD, here is today's 30m chart on the yellow stuff. Two sessions ago I suggested I might be inclined to short a count trend rally back into resistance. At that point I made reference to the OTE Short Sweet Spot (or a 70.5% retracemnt of the previous move). After making a move to lower lows gold did indeed bounce right back up to both the current OTE Short sweet spot (1242) but also ran to the trend line. At this point she seems to have stalled and I am waiting for some sort of price pattern to emerge to trade off. Once could have blindly sold the OTE ss level (and you would have taken a total of $10 heat) but I personally like to have a price pattern to short against (like the last short setup was off a H&Sh). Regardless, the bounce has come and it is once again time to get very interested in the short side of gold again.
Further to my ongoing posts re. XAUUSD, here is today's 30m chart on the yellow stuff. Two sessions ago I suggested I might be inclined to short a count trend rally back into resistance. At that point I made reference to the OTE Short Sweet Spot (or a 70.5% retracemnt of the previous move). After making a move to lower lows gold did indeed bounce right back up to both the current OTE Short sweet spot (1242) but also ran to the trend line. At this point she seems to have stalled and I am waiting for some sort of price pattern to emerge to trade off. Once could have blindly sold the OTE ss level (and you would have taken a total of $10 heat) but I personally like to have a price pattern to short against (like the last short setup was off a H&Sh). Regardless, the bounce has come and it is once again time to get very interested in the short side of gold again.