gold daily is a confirmed harmonic pattern called bearish shark. Right now we have confirmed reversal and gold will drop to 1160 and second target for short traders is 1097. I don't see 950 as a technical target on gold yet, still it could go lower.
I'm not trading gold now, I'm focused on one FX pair and that is GBP USD.
Technically the rally on Gold was overdone, since it moved almost 200+ dollars in one quarter, this is unrealistic, so bears will take over now. Finally, though Fed did chicken out of the rate hikes, the rates are still going up, and gold can't prosper in a high rate environment. If you look at gold prices historically gold goes up when they have high inflation readings in US. Currently this is not the case and also USD rates are going up hence making the dollar stronger.
If I was to trade gold, and we have two targets on the short side I would put psychological round levels on M5 chart and sell once price breaks below 1250 1240 1230 1220 you get the idea. Very simple yet effective way to trade gold.
I'm not trading gold now, I'm focused on one FX pair and that is GBP USD.
Technically the rally on Gold was overdone, since it moved almost 200+ dollars in one quarter, this is unrealistic, so bears will take over now. Finally, though Fed did chicken out of the rate hikes, the rates are still going up, and gold can't prosper in a high rate environment. If you look at gold prices historically gold goes up when they have high inflation readings in US. Currently this is not the case and also USD rates are going up hence making the dollar stronger.
If I was to trade gold, and we have two targets on the short side I would put psychological round levels on M5 chart and sell once price breaks below 1250 1240 1230 1220 you get the idea. Very simple yet effective way to trade gold.