XAUUSD: Drop it like it's hot
Updated
Hi traders,
Been waiting for a drop in XAUUSD for a while now.
On the XAUUSD we can see that price has reached the trendline and the black weekly structure line at 1199. I'm looking to enter short if we get a close below both of them on the 4H chart (which will take 3,5 hours from now).
Next daily support is at the 1163.77 area, which will be the target. For the stop I'd suggest 1212 area.
Cheers
Been waiting for a drop in XAUUSD for a while now.
On the XAUUSD we can see that price has reached the trendline and the black weekly structure line at 1199. I'm looking to enter short if we get a close below both of them on the 4H chart (which will take 3,5 hours from now).
Next daily support is at the 1163.77 area, which will be the target. For the stop I'd suggest 1212 area.
Cheers
Note
I'm not convinced yet.Note
We had a nice retest of the trendline, but still not a great fan of this price movement.Note
Getting interesting now.Note
First target hit. Retracement coming as expected. Let's see if we can move down some more next week.Trade closed: stop reached
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