XAU/USD short setup here, macro trend is bearish on M,W,D timeframes with price trading below weekly 200 ma . On the daily watching for a retest and rejection of the 200 ma which coincides with the trendline resistance, and the 50-61.8% retrace on the last weekly swing. Watching for this level to be tested into February
Note
Did not get the price action I was looking for and price blasted through resistance here and has tested 1200 level, potential for a deeper pullback to test the 200 weekly ema around 1240's in the next few weeks. This will be a major pivot point as if this level is closed over, we may see a change in sentiment in this market.
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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.