Sorosnotsorrow

After last Friday's announcement of PBOC has ceased buying any more gold, originally to hedge inflation or sovereign risk leading gold prices on a massive retreat; by said announcement gold might be forming a head an shoulder pattern with a neck line indicated by the blue horizontal line. My position of gold remains short with a take profit at 2120, I believe that wave 3 is now completed and we are looking for point C. 2120 is also one of the pervious harmonic patterns that were broken and said level is now resistance to support, which is also two times the extension of the AB leg. My previous trade of gold did get stop lost out, but I did reenter at ~ 2345. The gold position stopping out also can be seen as institutional traders gunning for retail investors stop position, thus hitting a slightly newer high , and now having this retreat. If you like my analysis , please give me a follow !!

For the XAUUSD short trade, please see my analysis prior to NFP here:So gold prices did respect the support now changed resistance level of 2325, gold prices popped back up to 2320 before closing out the week at 2301, with 2280 currently being a support level for gold. Overall speaking I still stand along my perspective of shorting gold and with my TP1 at ~2195 TP2 at ~2120

Will post my detailed analysis later, but can also look into my previous post here https://www.tradingview.com/chart/XAUUSD/2feNitCo-XAUUSD-1D-Chart-21st-April/If ABC is really forming, BC extension at 1.272 and 1.618 of AB will be hitting close to my previously forecasted take profit targets of 2200-2195 and 2130 - 2125. I have closed half of my positions going into NFP and if gold shifts upwards, it will be an opportunity to short especially if it climbs back up and respects 2325

With regards to XAUUSD right now, as mentioned on my previous post on 21st April, price action on the hourly candles will dictate whether or not I will do range trading or between 2324,2325-2420, currently it seems I won't be opting for range trading, as there is a clear break on 2324-2325 levels. Based on my post that on 13th April , I am assuming that XAUUSD is currently undergoing wave 4 and with wave 2 being a heavier retracement of wave 1, wave 4 should not be a heavy retracement as well, thus I will keep on setting my initial take profits at 0.382 and 0.5 on the 2-3 leg which is at approximately 2195 and and 2120.

With regards to XAU USD right now the price action for last week has been mainly in a range from, between 2324 to 2420. On one side the previous top of around 2430 has not broken, the weekly candle on the other hand signals somewhat of bullish strength and I personally would be more comfortable if the price of gold resulted in a drop for the previous week instead, that would solidify my perspective of shorting Gold. Right now I would still set my stop loss at 2430 and remain the same outlook but maybe more of a neutral element in it as well, might be range trading gold within 2324 to 2420 if hourly candles show resistance at the 2324-2525 levels.2324-2325 levels typo*TP1: 2200 - 2195TP2 : 2130- 2125

XAU USD Mid Week Update So a couple of 4 hour short wicks have formed on top of the box that was bracketed out at 2385,forming a lower high then the previous high, temporarily at least for now. The bottom of the box 2322 - 2323 has also been respected by last nights long wick candled that briefly touched and bounced back up. My view on XAU has not changed, I am still holding a short position outlook, do find a brokerage that will provide positive swaps when shorting gold, but the first level of resistance would be at 2322 -2323, and second level at 2300, third at 2194 and our final TP at 2135-2120.

Wave 3 of Gold Completed? Part 2Towards the last 6 hours of market close on 13th April (GMT+8)Gold prices plummeted from ~2430 down to 2344, a drop of near 86 USD, forcing the weekly candle stick into a shooting star formation.And if we now use fibo retracements on the 2-3 leg, 0.5 retracement will be around 2121 just below the quoted resistance changed support level of ~2135 of my first post.Although my initial bearish position was stopped out, but said stop loss was very valid as XAU went up to 2430 at the highs, and if it wasn't preset emotional trading might have led my loss to be even bigger.That being said, I am looking to re -enter the market again if can get in at market open near 2344, with stop loss at previous high of 2431 and take profit at 2135 RR ratio would be around 2.4:1

Wave 3 on Gold Completed? Based on current pricing1) XAU price would be at around 2385 for 2-3 to hit a 1.272 extension on 0-12) An ABCD pattern might have formed in 2-3, at a 1:1 ratio, using the high of 2067 as B, which is close to the resistance now support at 2135-2130 at my previous post 3) 2 is a deeper retracement at 0.618 of 0-1, thus if gold was to retract in pricing and wave 3 is completed now within box range of 2385 - 2322. End of Wave 4 should be a slighter retraction in comparison, i.e. looking at the 0.382 levels, of 2-3 , it would coincide with the levels of the resistance turned support at my previous post.Have currently taken position to short gold at 2347 and 2333.Target take profit at 2153.5 Stop Loss at 2375