XAUUSD Potential Double Bottom formed
Updated
Good evening traders, my previous idea played out smoothly. Indeed price had trouble breaking 1515 region, coupled with trade war news being optimistic gold melted.
It can be viewed here :
Now that the news have tone down a little, let us take a look at the charts once again.
Prices has since made a drastic drop from 1515 to 1460, potentially forming a double bottom.
Strong support can be found at this region ranging from 1456 to 1460.
Currently, I have a long position at 1457 with a very tight SL 1453.5
If support is respected, price should head back to 1495 resistance.
If support is broken, i expect prices to do a retest and melt straight down to 1405 region.
It can be viewed here :
Now that the news have tone down a little, let us take a look at the charts once again.
Prices has since made a drastic drop from 1515 to 1460, potentially forming a double bottom.
Strong support can be found at this region ranging from 1456 to 1460.
Currently, I have a long position at 1457 with a very tight SL 1453.5
If support is respected, price should head back to 1495 resistance.
If support is broken, i expect prices to do a retest and melt straight down to 1405 region.
Trade active
Trump just announced that he did not agree to roll out the tariffs, causing a drop in US and short rally for gold! . Stops moved to BE
Trade closed: stop reached
Trade got taken out at BE.
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.