In our earlier analysis we adviced you to buy untill the resistance would be seen. This is a good example of a powerfull resistance. We can see a daily shooting star combined with a serious confluence of divergence (both macd and rsi) at the monthly pivot.
Our short was queued at the resistance, but we always want you guys to play safe. Catching tops and bottoms is not easy, but it sure is lucrative.
Therefor our bias on gold changed to short, we are already shorting since the top with floating profits. It's not too late for you to join when it retraces some (We can't ensure there is a room for retracement left though).
Check our previous gold ideas to see we are not back-editing. It was all forecasted by us.
Good luck and don't forget to give us a thumb if you like our analysis!
Regards, ValescoTradingGroup
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The first target is just a humble one, we expect much more pressure to the downside and to see a double bottom or maybe even new lows. But for now let us focus on the first target!
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We are adding here:
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jangseohee
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Valesco_Trading_Group
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@jangseohee, lovely forecast you have there sir. Are you selling yen pairs or buying them? Because we see a strong co-relation with them and gold.
jangseohee
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@Valesco_Trading_Group, in a short term, Yen is volatile and Yen futures is inversely related to JPN225
Valesco_Trading_Group
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@jangseohee, Can you show us what you are looking at sir?
jangseohee
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@Valesco_Trading_Group, Yen futures down, USD up, gold down, which is good for your gold short
BUT
take note of the big pennant in USD index, the finger points to potential resistance when price reaches there
Valesco_Trading_Group
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@jangseohee, Thank you sir, we are aware of the resistance that is very near on the dollar index. Therefore we are looking for a buy on xxxusd pairs and short on usdxxx pairs. But gold is sometimes stubborn, we have witnessed many times in the past that it neglected the movement of the dollar index.
Valesco_Trading_Group
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@jangseohee the first week of march is a good example on this thesis, we can see the dollar index was falling, also was gold falling along with the dollar.
@jangseohee, Let's see if the horizontal resistance becomes a hurdle for the nikkei to go higher.
Valesco_Trading_Group
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@jangseohee, here is the closer view on the 4h chart. We can see the bullish divergence here got confirmed with a massive hammer on a great support area. What do you think?