I’m a bear on this pair and I’m waiting on a reversal pattern to form and I will sell hard.
Gold fell off 1295 resistance and it has just broken through MM4 which held the price down last week before the break. Has the reversal pattern time come?, bears should wait for more confirmation on that . We see our stochastic at overbought and since the 21/55 EMAs still look pretty bullish , one can fall to the lower time frames for confirmation on a reversal.
The price is currently heading to the 21 EMA and with the stochastic almost oversold, we might see the price head back up and one can look for a place to enter.
Price has broken through the 55 EMA on this chart and with the stochastic showing almost oversold , one cannot help but wait for a full confirmation on this pair because the H1 stoch can go up for one more cycle before we can really enter a short position on the pair. One can also put a pending order at MM4 but also keep a close eye incase the time hasn't arrived.