vj20_fx
Short

Last Week's Pinbar

FX_IDC:XAUUSD   Gold Spot / U.S. Dollar
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GOLD has been respecting a very strong resistance zone for more than a year. Price even used this zone as a support when price broke through. I have also noticed a downtrend in the market where the wicks of the candlesticks are struggling to break through the trendline . Last week, the candle closed below the trend which shows price still has bearish momentum in it. Last week’s price action has formed a very strong pinbar after three weeks of strong bullish movement. Price has also formed a double top at the bottom of the resistance zone showing struggle to break through. I am waiting till the 10pm daily close to be bearish to enter this trade for a short position.
very nice trade mate
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