. 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.
. 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 5 days of bearish pressure we are looking for a pullback into our green zone ( support / resistance level ) Already today the bulls have taken charge and are pushing price up to this level.
Once price hits this level we will be looking for a bounce and further bearish movement, but we will only take this trade if the opportunity presents itself.
The exchange rate could reach the bottom of the correction level. From the 1276usd level you can start rising again. I assume the ascent structure as an inverse of the previous waveform shown in the figure. In this case the target price can be 1310 usd.
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.
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