XAUUSD continuation downside
Actualizado
Last week we saw a weekly rejection from 2721 and a very acute buyside grab started by Asia, which then formed the double top and the pivot for the M pattern.
It wasn't as sharp a decline this time probably due to the time of year and the lead up to Christmas. Volume was certainly down last week and spreads had increased somewhat.
We weren't able to test the former highs even after 2 weeks of consolidation and instead reversed the whole break out move for the week and finish flat.
This coincides with the fib levels marked on the chart between .786 and .618 respecting the level as a strong resistance and optimum sell zone.
Although I see the coming week to be a short, levels of significance are 2627,2614, 2605. If all these levels are breached then a move back to buyside liquidity 2540 could occur.
I don't think we will go straight down and perhaps some buy strength will come in from the open and retrace back up to 2675 to fuel up the bigger move lower.
Fridays close completes a round trip of the week and month which has us starting the new week at the flip level for the month as well as EMA support.
We find out in a few hours what Asia thinks, good luck all....
It wasn't as sharp a decline this time probably due to the time of year and the lead up to Christmas. Volume was certainly down last week and spreads had increased somewhat.
We weren't able to test the former highs even after 2 weeks of consolidation and instead reversed the whole break out move for the week and finish flat.
This coincides with the fib levels marked on the chart between .786 and .618 respecting the level as a strong resistance and optimum sell zone.
Although I see the coming week to be a short, levels of significance are 2627,2614, 2605. If all these levels are breached then a move back to buyside liquidity 2540 could occur.
I don't think we will go straight down and perhaps some buy strength will come in from the open and retrace back up to 2675 to fuel up the bigger move lower.
Fridays close completes a round trip of the week and month which has us starting the new week at the flip level for the month as well as EMA support.
We find out in a few hours what Asia thinks, good luck all....
Operación cerrada: objetivo alcanzado
Retraced to 664 at the beginning of the week and then crash down to 585 where we have found support before Christmas.
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