Golden-Fund-Forex

Analysis of XAUUSD on H1 timeframe 8/6

FOREXCOM:XAUUSD   Gold Spot / U.S. Dollar


- XAUUSD is in a downtrend.
- XAUUSD has reached the upward trendline and a strong support zone at 1939, which has been tested twice with a double bottom pattern. If the price manages to sustain a move back to the zone around 1956, it would indicate strength.
- For the SELL plan, if any H1 candle closes below this zone, we can wait for a pullback to 1942 and consider entering a SELL position. Alternatively, we can wait for a sell opportunity around 1956.
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