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GOLD & OIL short positions

Updated: Nov 16, 2022


GOLD

We are looking for a short on XAUUSD giving this topping like pattern that has developed on the intraday timeframe. After the impulsive move last Thursday, price has been moving higher with less momentum and appears is ready to move lower.


We have left a lot of liquidity below previous lows without ever challenging them, which raises concern over any longs perhaps until at least a quick move lower before the longer-term uptrend continues. High risk entries (countertrend).


Stop Losses @ 1788

Target 1755



US CRUDE


The downtrend has remained well intact since March this year therefore the recent rally would only appear as an opportunity to get short once again. It's unlikely the September lows around $77 will remain untested.



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