xauusd: Bearish trend
Updated
Although gold has risen today, the downward trend has not changed.
1975 is exactly the Fibonacci 50% division position on the hourly chart, and 1975 is also the upper trend line suppression point on the hourly chart.
Therefore, the probability of gold continuing to fall here still exists.
It can be seen that the current trend line support below is still around 1950.
Therefore, gold may continue to test the bottom support here at 1950.
So, for our next operation, I recommend continuing to short gold.
Currently, gold can be shorted near 1975. The lower target continues to be around 1950, and the defensive stop loss can be placed above this week's high of 1982.
Trade active
Trade active
Trade active
Trade active
Trade active
Related publications
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.