XAUUSD hits old trendline, wedge with bearish bias

26 Eki 2016

Hi fellow traders, just sharing my first idea with you. Watching this daily chart of XAUUSD makes me think of an inmediate bearish bias while confronting certain moving averages in H4, though the main trend should be bullish due to US elections and Brexit debates intensifying. The fibonacci lines come way back to 1999 and seem to work more or less fine in the monthly charts. I will be adding some more analysis while the price develops these days. Best regards.

26 Eki 2016

Not

The H4 chart actually looks more bullish to me due to MAs, specially the 50SMA.

27 Eki 2016

Not

There seems to be a struggle with the MAs in the H4 timeframe. Now there are 2 options which could lead to potential profits: upward or downward breakouts, explained in the following: