XAUUSD Daily trading strategy on 12 March 2020
XAUUSD broke the important support level at 1650. It is expected the price will keep go down with the down trend tunnel (Red).
Now the price is doing a correction since touched the 50% Fib retracement level, and the correction is possible completed around 1650, and go down again.
The trading strategy on M15 chart is suggested to place sell limit order around 1648- 1650, stop loss when H1 candle stick break through and closed on the down trend tunnel (around 1655-1665).
Target price will be 1610.
Now the price is doing a correction since touched the 50% Fib retracement level, and the correction is possible completed around 1650, and go down again.
The trading strategy on M15 chart is suggested to place sell limit order around 1648- 1650, stop loss when H1 candle stick break through and closed on the down trend tunnel (around 1655-1665).
Target price will be 1610.
Trade closed: target reached