Gold Daily, Weekly & GoldBugs

Here are some of the charts I occasionally send to our WhatsApp Bdcst Group to make the case for intraday and even intra week trades. If you do not understand how to read the GoldBugs Ratio chart, there are detailed explainers in my Youtube and Instagram videos over the past 12 months. Due to the generally inverse relation between XAUUSD and GoldBugsRatio (GBR), I tend to use technicals in GBR to help me read moves in XAUUSD. In the case below, GBR chart faces a trendline resistannce of 6.0. This means as long as 6.0 is not broken, XAUUSD shall remain supported. The weekly candle on the right hand side, suggests it is a bearish engulfing pattern, but the warning went to members of the Group that not only it was too early in the week to assess a bearish engulfing candle, but beware from interpreting it as a clear bearish signal as was seen in the preceding example. We shorted XAUUSD at 5190, targetting 5145 and repeated the process throughout the afternoon. 

Click To Enlarge

Click To Enlarge