XAUUSD thought for the week
Updated
This is my idea for the gold short trade for almost 400 pips take profit.. There is a think about waiting the market to move on Monday and Tuesday waiting for powell speak and BOC speak.. With the thought that the Indicies will move 200 pips more short to a big support base and then take a good entry maybe at the fibo 0.786 with almost 0% risk for loss and leave the trade to run till the goal.. Thats for me more updates will be answered at the comments below.. Please feel free to write down any ideas or objection on this trade. THANK YOU
Note
Update: Although the entry will be somewhere on that poion first I am waiting for the indices to move and the market to confirm a direction in the following days to be able to find a better entry to have a smaller stop loss.. it's a tricky entry we have to wait cause 1865 is a very big order block price and in the speaking moment a very big resistance if you see the chart at a daily chartNote
UPDATE!!! The market as we see opened bullish for the indices, gold and a lot of currencies.. So still we are waiting for gold price to come down to 0.786 of fibo to take the short..Note
The market moved towards resistance after testing support. The gold market is updating its highs and it bearly updated its high in the latest session and it show that bulls did not have enough strength to push the price higher. I think gold might go down to test support from resistance if price makes a fake break or double top because price rebounded from this level multiple times before.Alternative price action scenario is a ranging market at resistance like it was at 1820 level when the market was in accumulation phase and could not break the resistance zone for couple of weeks. I expect short term pullback from resistance.
Note
The market is testing resistance and upper border of the channel. I think gold might go down to test support from resistance at 1875 if price makes a fake break or double top because price shows overbought condition at the resistance. I expect short term pullback from resistance and upper border of the ascending channel . My goal is the support level at 1861.So we are still wating for the entry at 0.786& fibo
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