Is XAUUSD a dead cat bounce or what?Let's take a look at the price action of XAUUSD 0.65% and forecast its next move in the following week. This pair made a recent low at 1236.37 on 12 December 2017 and finished at 1274.75 on 22 December 2017. Therefore, this pair has potentially presented to us a short-term bullish bias.
Based on our forecast, if the bullish momentum continues, we could potentially see XAUUSD 0.65% trade at 1285 level first and we shall watch the price of XAUUSD 0.65% very closely on its next move. Overall, we could see this pair make a series of lower highs and thus, the trend remains bearish. To constitute a change in trend, we need to see XAUUSD 0.65% surpass 1299.10 which was the recent high on 27 November 2017. If you have missed the near-term bullish move, we suggest that you wait for the price action indication at 1285 and 1300 levels.
Good trading
NinjaTrader Singapore
23 December 2017
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