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.
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Price broke the trendline (chart shown below) and has now retraced before continuing the move lower.
I'll be going short from this level.
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Unexpected volume in the market, small loss onto the next one :)
DO you think the miners will follow lower? (GDX, GDXJ)?
Thanks