Trading suggestion:
. There is a possibility of temporary retracement to resistance support line (1280.90). if so, traders can set orders based on Price Action and expect to reach short-term targets.
Technical analysis:
. XAUUSD is in a range bound and the beginning of downtrend is expected.
. Price is below WEMA21, if price rises more, this line can act as...
After the successful short trade on gold last month I am now looking to short the precious metal again at the $1308 level.
Price has made a lower high and is now approaching the descending trendline along with the Fib 0.618 level at $1308.
Stop Loss is placed around 50 pips above entry with a profit target at the Fib 1.27 extension level around $1270
We can see that XAUUSD is overall in a bearish trend at the moment after a few days of downwards movement but we are expecting to have a slight pullback before price carries on making moves to the downside, this pullback is currently happening at the moment and we are expecting a further bullish move of around 40-50 pips before price carries on going down.
Now...
We are expecting to see a retest of this resistance level after a bearish day yesterday before price makes more bearish movement and reaches or support zone ( green box ) before market close.
I wouldn't go jumping into a short position before we get the re test of this level as the markets seem to be all over the place at the moment, and always trade with correct...
Purple box is TP1, Green box TP2.
You can see that price respects our levels really well on gold, these are levels that have been drawn on our chart for months and price just keeps coming back to respect them time and time again making it easy money.
Now we have loads of news surrounding USD throughout the day so I would trade with caution as there will be a lot...
GOLD IS COMMING CLOSE TO THE 61.80 MARK ON FIB LEVEL. IF WE HIT THIS AND HAVE A CLEAR REJECTION WE SHOULD BE LOOKING FOR A SHORT TRADE.
FOR FUTHER CONFIRMATION WAIT FOR THE WEDGE TREND TO BREAK THEN TAKE YOUR SELL TRADE.
WE HAVE FOMED A PREVIOUS ASCENDING WEDGE, WHICH THEN LEAD TO A 3500 PIP TRADE.
WE ARE NOW IN A BULLISH TREND AND FORMING ANOTHER ASCENDING...
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