XAU/USD - Bearish Bat (Continuation)

Following up from my prediction over 2 months ago with XAU/USD which resulted in a move from $1249 to $1198 (chart shown below), I'm now looking to get back in to continue the move lower.

Price has hit in between the 50% and 61.8% retracement , exactly where the D point of the bearish bat pattern has formed.

The measurements for a valid bat pattern are detailed below.
B: 0.382 - 0.50
C: 0.382 - 0.886
D: 1.618 - 2.618
Final X to D: 0.886

Taking into consideration one of my other charts (shown below) indicating a potential lower low in the market, price has now hit the daily trendline at $1233 right on the D point of the bearish bat pattern.

All round this is an excellent trading opportunity with over 1:4 risk to reward.
交易开始: Price broke the trendline (chart shown below) and has now retraced before continuing the move lower.

I'll be going short from this level.
订单已取消: Unexpected volume in the market, small loss onto the next one :)
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For trading gold is better to consider the SMA 200, SMA 50 and DXY imo
LewisGlasgow TomWhitbread
@TomWhitbread, thanks for sharing :)
Nice chart work and clear reasoning. Congrats.
DO you think the miners will follow lower? (GDX, GDXJ)?
+1 回复
@Tintin101, thank you very much! Yes GDX looks as if it will follow.
Thanks for sharing!
+1 回复
LewisGlasgow RandomDane
@RandomDane, you're welcome, thanks for the support!
Down towards ominouss 1075. WTI rise toward 51 may take us all by surprise.
+1 回复
@trajkovic, I'm expecting a drop to $1088 in the future... It may do :)
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