XAUUSD
After broken down the key support level 1848, the XAUUSD has escalated its downwards movement. Now it is near the first support level, the daily 200ma.
If it reaches 200MA, we are expecting to see the following scenarios:
1. Re-bouncing and re-testing the key level 1848 which now become the resistance from previous strong support, before it continues its downwards movement. If this happens, a potential short selling trade setup is possible, with a relatively lesser stop loss value and better risk & rewards ratio.
2. Breaking thru the 200MA support and reach the next strong support, the 250MA which is also locating at the key demand zone 1740-1750.
Stay Tune for the update :)
Trade active:
Gold is going down as per Scenario 2 mentioned above.
Let's see if the 250MA and the key support level 1740-1750 can hold.
Stay tune for the update:)
Let's see if the 250MA and the key support level 1740-1750 can hold.
Stay tune for the update:)