Gold -USD has broken a strong trendline on daily the second time,
Selling back down as US market opened after a long weekend/bank holidays, the pressure of the weekend events not recorded by the market I suppose pushed XAUUSD down to about -80pips.
This cut us off on breakeven after securing 20pips on our twin trading.
Now, we can still see some sort of rejection on the trendline which can hold the price on consolidation.
Should we see strong rejection and reversal sign, we will continue our buying opportunity on XAUUSD.
Selling back down as US market opened after a long weekend/bank holidays, the pressure of the weekend events not recorded by the market I suppose pushed XAUUSD down to about -80pips.
This cut us off on breakeven after securing 20pips on our twin trading.
Now, we can still see some sort of rejection on the trendline which can hold the price on consolidation.
Should we see strong rejection and reversal sign, we will continue our buying opportunity on XAUUSD.
Trade active
I can see some confluence here,
The gold moved from 1303.3 down to 1269.9, it retraced to 1287.5 which is between 50% - 61% fib retracement levels.
The move later today retraced 1276.2 which is also between 50%-61% fib Ret levels,
I made a new buys call after it took us out on breakeven, because I expect it to meaintain the same behaviour... which is did and now our tp has to be at least abtw 50% to 61% Fib levels which coincided with minor Horizontal Resistance level.
Check my chart and status
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.