Gold GOLD PRO WEEKLY, September 16 - 20, 2019

[Sive Morten]

Greetings everybody,

On gold market we have the same stuff as on EUR - market was not able to break out from consolidation. Although some bearish reaction has happened, which means that Fed statement was not as dovish as it was widely suggested.

Technically, as MACD stands bearish and price below "C" point we have no reasons to change and cancel our bearish context. Thus, we still keep 1450-1460 target here:

On 4H chart we were posessed as for bullish scenario as for bearish, thus bullish scenario was vanished as gold has closed the gap. Now we have only bearish one. Bearish stop area has not been tested at all:

Thus, on 1H chart we could get '222" Sell setup around 1500 K-resistance where market could proceed downside action:

 

[Sive Morten]

Greetings everybody,

2nd update today I would like dedicate to GBP. Actually we have setup on GBP as well, and market goes accurately with it. Recall that our background for trade on GBP - increasing of political risks around B. Johnson of possible early voting in Parliament, second - too heavy net short position on GBP, which was at absolute lows two weeks ago. This combination of factors makes us suggest short covering and moderate pullback on GBP.

As you can see this stake was correct and market stands under way, executing this setup rather accurately.
On daily chart we have Double Bottom pattern and GBP almost hits it target around 1.2622-1.2630 area:

on 4H chart we have the same AB-CD pattern, our COP target was hit and now market is coming to OP. In fact, it coincides with DBottom target on daily. Both targets, 5/8 daily Fib level around 1.2710 and daily Obought should create solid resistance cluster and barrier. Thus, GBP should show some respect and drop out of it. So, if you have longs - you could consider profit taking aorund 1.2620 area: