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GOLD - License to short
Gold Spot / U.S. Dollar
Short
GOLD - License to short
By chartwatchers
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Updated
Feb 3, 2023
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Feb 3, 2023
Yesterday we printed a key reversal with a daily minimum close.
You might don't want to short this, but one thing is sure : on day 64 with a key reversal you don't want to be long....
The trendline is broken , and we just closed below the 10 EMA:
What's next?
The 5 and 6 day RSi will get oversold. It's not a big news because we are almost oversold on the daily chart. MACD will drop to the zero line.
With the FIBO retracement we need to set the new targets.
The bare minimum we are going to drop is the FIB 23,6% at 1879$.
The next level is the FIB 38,2% at 1829$, usually DCLs are printing these pullbacks.
Watching the moving averages the targets are almost the same:
It's very possible that we are going to tag the 50 MA at 1847-1850 and maybe we drop to the cross of the 100 and 200 SMA at 1780$.
Time window:
Usually these DCLs last for a week. I wouldn't
look for a bottom before next WED or THU and we might bottom only on week the after next.
Don't forget how strong this trend was. We are shorting a bull market what is just starting so be ready for strong hourly rallies intraday
Feb 3, 2023
Note
Before the dro coninues we probably will bounce to 1920 and maybe 1930 today.
Don't forget the JOBS REPORT later today.
Feb 3, 2023
Trade closed: target reached
First target achieved
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