Our idea remains the same as yesterday however we are posting an adaptive analysis.
The price on XAUUSD has made a new ATH (All Time High) we are due for a pullback (at least 50%). Our new key levels are sitting at 2600, 2560, 2545, 2530. Our entry is at 2589. We are expecting the price to drop down to our Key Levels (KL). Every break of the new KL will result in deeper pullback. Stops are set at yesterday’s high. We must keep in mind that gold is still overall bullish and even if we see our KL4 (2530) we would still expect the price to go up from there.
Overall still bullish on XAUUSD.
PARAMETERS
- Entry: 2589
- SL: 2600
- TP1: 2560
- TP2: 2545
- TP3: 2530
KEY NOTES
- Possible double top on XAUUSD.
- Break of KL2 could result in deeper pullbacks (KL2 -> KL3).
- Break of yesterday’s low could result in deeper pullbacks (KL3 -> KL4).
- Stop is set at the previous days high.
Happy trading!
FxPocket
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