PrimedGroup

XAUUSD SHORT / Bulls can't take back control, yet.

Short
OANDA:XAUUSD   Gold Spot / U.S. Dollar
I prefer making videos... but the last 2 videos I tried to upload get stuck at a certain percentage and the upload stops, so... pics it is :)

Im short on XAUUSD , here are the reasons:

Price action strongly rejected this level in recent time and my entry system has ticked when the lower has was made recently (and price couldnt break above my fib resistance levels).

RSI even tough set to just 5 (perfect for my strategy, dont ask) has not reached the over bought level but the candlesticks in the last few hours tell me that the sellers have control here.

Price action has been supported on the upside by that blue trendline, which is now broken.

With all of the above, im short with as always, an excellent Reward over Risk!

Good luck trading!

Oh yes, and the daily pivot is above price.
Comment: Expecting both XAG and XAU to continue south soon
Trade closed: target reached: Done and dusted. Now buying (check out my latest idea, released 16.11.2020)
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Comments

beautiful setup..
it went as planned..
i would love more of these
+6 Reply
PrimedGroup chimeremueze
@chimeremueze, thanks! Join up in our community and you'll get lots of them :D
Reply
I'm in, will momentum continue though?
Reply
PrimedGroup RossTyler
Hey @RossTyler, im not sure, I dont do analysis I just trade, I took my profit and im out of this trade.

Looking at the 4H I see good reasons for bears, but im not really sure!
+1 Reply
RossTyler PrimedGroup
@PrimedGroup, I don't do analysis either, too much subjectivity without a crystal ball to see what price is going to do. All the best!
+1 Reply
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