XAUUSD:$1,535-$1,545 Area of Significant Interest
Updated
I would be very interested in shorting XAUUSD if it retests the $1,535-$1,545 region. This area would give us a high probability trade set up. Even though in my previous Gold analysis I noted that price got rejected at $1,519, but $1,535-$1,540 is right at the broken TL, and seem to be an area of significant interest. Based on back testing I've done on the pair, price like to revisit its broken level. However, we still have to watch price action if it does retests the zone and wait for signals before entering the trade.
Here's what I'll be doing:
Short XAUUSD at $1,535-$1,545
SL at $1,560
TP 1: $1,446 & TP 2: $1,370
Here's what I'll be doing:
Short XAUUSD at $1,535-$1,545
SL at $1,560
TP 1: $1,446 & TP 2: $1,370
Order cancelled
It seems like price could not make a newer high than previous week ($1,519) and swiftly found resistance at the newly established downward TL at $1,517. For now I’m going to abandon this trade idea. I feel like I was too conservative in my entry even tho I felt like I have valid points to enter trade sooner. Anyways, hindsight is 20/20. If we get a new low this week then we can look for potential short set up going into next trade week. Please leave a comment and follow to show your support.
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.