A look at 
XAUUSD this week and we find that we are still looking for more down side.
There has been a 120+ point drop into 1872 and the first decent rally back has seen it stop right on the 382 and fall away into the 50-61.8% area from that rally. We are now at the point where we have 2 options.
1. It continues lower from here towards 1820-1830 completing the bigger pattern @ the 61.8% level from last years August low.
2. It bounces up from here back to the 1950 area where it would turn to create another ABCD pattern finishing at the 1820-1830 area again.
The other option is that we break those levels and head towards the high 1700s, but I will look at that later once we get the info in to make that call.
Also on May the 9th there is a Major CIT window which is likely to decide the direction for the rest of the month. So a move up into that time would start the move lower and a move lower into that date would see a reversal higher.
Something to keep an eye on over the coming weeks.
I hope this helps. Enjoy the week!! 👍👍
XAUUSD this week and we find that we are still looking for more down side.There has been a 120+ point drop into 1872 and the first decent rally back has seen it stop right on the 382 and fall away into the 50-61.8% area from that rally. We are now at the point where we have 2 options.
1. It continues lower from here towards 1820-1830 completing the bigger pattern @ the 61.8% level from last years August low.
2. It bounces up from here back to the 1950 area where it would turn to create another ABCD pattern finishing at the 1820-1830 area again.
The other option is that we break those levels and head towards the high 1700s, but I will look at that later once we get the info in to make that call.
Also on May the 9th there is a Major CIT window which is likely to decide the direction for the rest of the month. So a move up into that time would start the move lower and a move lower into that date would see a reversal higher.
Something to keep an eye on over the coming weeks.
I hope this helps. Enjoy the week!! 👍👍
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