Short

XAUUSD: 2015-2020 Sell

Updated

XAUUSD: 2015-2020 Sell

On Wednesday, the weaker-than-expected March "small non-agricultural" data and non-manufacturing PMI data fueled market concerns about an economic slowdown and stimulated bets that the Federal Reserve may slow down rate hikes. Spot gold continued to hit new highs since March last year, with an intraday high of 2032, and then gave up most of the gains during the day.

Let's look at it from the 4-hour Fibonacci:

It can be found that the current position of gold at 618 is here at 2000, and now it starts to fall directly, so there are only two situations, either it will fall directly, or there will be a reverse draw.

At present, we need to pay attention to the support here at 2000. If it is impossible to break through here, then beware of the last wave of back draw.

Then we need to pay attention to 2016-2020 here at the position of the reverse draw at the top.

So today I suggest that you go short, but don't chase after it. The best position is here in 2015-2020.

XAUUSD: 2015-2020 Sell

TP1:2000
TP2:1990
TP3:1985

Trade active

XAUUSD: Arrived at 2020 point, sell and enter the market

Trade closed: target reached

Trade closed: stop reached

Both XAUUSD and EURUSD have successfully reached TP1 and TP2
Can be closed early with profit or wait for TP3

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