While waiting for my indicators to line up on AUD/USD i was looking at Gold.
Found a nice wedge formation on the Daily Candles.
I have writen all the reasons I belive its a good time to short on the graph.
I have entered the market with a stoploss @ 1760 just out of the wedge and a take profit of 1620 in the middle of the wedge, once im in the green I will move the stoploss to 1680 and then take half at 1620 and let the rest run its course to 1580ish.
It sure looks like XAU is in a hurry to give back its recent gains, as the rather rapid downward movements of last Friday and yesterday seem to imply.
Good luck with your trade.
Oh, by the way: Gold dropping from 1700 to 1600 represents a 1,000-pip move, not 100. 
Cheers,
O.
Lol, thanks!
So used to 100pips these days.
Todays close for gold will either enforce my trade our maybe gold wants to break free of the wedge…
Time will tell.
Market seems to be agreeing with me for now.
Heading towards the 1700 region.
Thanks a ton for posting this, I found it quite informative, and it answered most with the concerns I had.
It sure looks like XAU is in a hurry to give back its recent gains, as the rather rapid downward movements of last Friday and yesterday seem to imply.
