XAU Daily chart is presenting great short opportunities and we can use the fact that interest rates are rising as a potential indicator that money could move to Bonds and fixed income investments thus dropping the demand down and creating over supply in the markets which would cause a fall, another factor is rising $, as the $ rises there is occasion that will drop XAU, Ruble being pegged to XAU also gives a reason for the west to try drop the price to provide more pain to the Russian economy, in terms of pure technical analysis we have seen a sharp drop under the MA89, a pullback and a kinda inverted cup and handle pattern, we have a sequence of three very bearish candles on the Daily chart, and we are seeing a very bearish monthly candle being printed, therefore we should be looking for shorts in Gold, and aiming to potentially take out all these long positions by price hitting the $1690 level in the longer term, remember to take profit on the way down on smaller timeframes to reduce exposure.
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Lovely fall in the green, keep them keen.
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+130 pips already
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+240 pips now
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Strong bounce, watch price action carefully
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+570 pips
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+700 pips
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+880 pips
