Gold stopped at 1240. What's next?
There is a strong downtrend on XAUUSD more than a half year, but the selloff ended and for the last few months it only consolidated. We could see strong bullish candle breaking resistance at 1210, but now Gold reached a point, where a bearish reaction is very possible. XAUUSD reached strong resistance at 1240, where there is also Fibonacci 50 and the bearish reaction is clearly visible. What to expect now? It´s very likely to go back to 1210-1215, so that would be the takeprofit. Best entry would be at 1235 with a stoploss at 1245.
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