XAUUSD - H4 - Potential Short Opportunity
Updated
We have recently seen XAUUSD break out above the key $1300 price level which has contained the precious metal for the best part of a year now, however, the momentum to the upside might be weakening (if only temporarily) as we have just put in a new structure low on the H4 chart, violating the previous outside return of the bullish move up.
We are currently trading just below that $1300 level after breaking through it to the downside yesterday and as such I will be looking for a retest of the key level, with a view to entering short this pair if we see the level hold.
Primary target for me would be at the $1275 level (Psych number and in the same zone as the 127.2% extension of the initial pullback leg) with an additional target about $25 lower around the $1250 zone (also the 61.8% retracement of the larger bullish move up)
Evidently tensions between NK & Trump are ongoing, but most assets seem to have gotten used to this environment and many of the knee-jerk reactions are remaining relatively subdued. Let's see how it goes!
We are currently trading just below that $1300 level after breaking through it to the downside yesterday and as such I will be looking for a retest of the key level, with a view to entering short this pair if we see the level hold.
Primary target for me would be at the $1275 level (Psych number and in the same zone as the 127.2% extension of the initial pullback leg) with an additional target about $25 lower around the $1250 zone (also the 61.8% retracement of the larger bullish move up)
Evidently tensions between NK & Trump are ongoing, but most assets seem to have gotten used to this environment and many of the knee-jerk reactions are remaining relatively subdued. Let's see how it goes!
Trade active
Filled on this big spike up from the latest war comments out just now.Trade active
Target 1 hit at $1275
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