XAUUSD GOLD STRONG SELL RESPECTING TECHNICAL CHANNEL
Sell at 1718
TP 1680
SL 1727
Ratio 1:4
Gold prices moved higher but continue to trade sideways as the weekly pattern forms a bull flag continuation pattern. Despite a risk-off trading environment over the past 2-trading sessions gold has not been able to break out. Resistance is seen near a downward sloping trend line that comes in near 1,720. Support is seen near an upward sloping trend line that comes in near 1,680. A break of this tight channel either way is likely to generate a new trend. Short term momentum is neutral as the fast stochastic continues to whipsaw generating consecutive buy and sell signal as the trajectory moves sideways.
TP 1680
SL 1727
Ratio 1:4
Gold prices moved higher but continue to trade sideways as the weekly pattern forms a bull flag continuation pattern. Despite a risk-off trading environment over the past 2-trading sessions gold has not been able to break out. Resistance is seen near a downward sloping trend line that comes in near 1,720. Support is seen near an upward sloping trend line that comes in near 1,680. A break of this tight channel either way is likely to generate a new trend. Short term momentum is neutral as the fast stochastic continues to whipsaw generating consecutive buy and sell signal as the trajectory moves sideways.