XAU/USD - $1249 to $1088
Following up from Donald Trump's speech yesterday I'm expecting the U.S Dollar to continue weakening short term, thus providing excellent opportunities across the board.
Here we have XAU/USD on the daily chart with a bearish 5-0 pattern, I have been closely watching this structure since mid December 2016.
The measurements for a valid 5-0 pattern are detailed below.
B: 1.13 - 1.618
C: 1.618 - 2.24
D: 0.50
I'm expecting price to reach the D point at $1249 just above the trendline and create a lower high in the market. I'll be going short from this area all the way down to the support level at $1088.
In addition to the bearish 5-0, price is now approaching the 200 EMA (as shown below) near my projected reversal zone at $1249.
Keep this one on your watch list!
Here we have XAU/USD on the daily chart with a bearish 5-0 pattern, I have been closely watching this structure since mid December 2016.
The measurements for a valid 5-0 pattern are detailed below.
B: 1.13 - 1.618
C: 1.618 - 2.24
D: 0.50
I'm expecting price to reach the D point at $1249 just above the trendline and create a lower high in the market. I'll be going short from this area all the way down to the support level at $1088.
In addition to the bearish 5-0, price is now approaching the 200 EMA (as shown below) near my projected reversal zone at $1249.
Keep this one on your watch list!
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