AlexandreNygal
Short

Short selling Gold : Too weak bullish reaction at 1250$

OANDA:XAUUSD   Gold Spot / U.S. Dollar
Comment :
Usually, Gold's once prices fluctuates by 50$ levels (1200-1250-1300-etc). Almost every time it has passed a resistance or broken a support, it has made a decent bounce at the next level.

Here, the situation is pretty different : after the break of 1300$, we can not notice any bounce at 1250$ in despite of : RSI oversold, presence of a great support area and also a mid term trend that is possitive. This means that the buying forces are not materialized at this important price, and the sellers are dominant on that market at this moment. This last point is conforted by the upper candles' shadows that are trending down day after day.

Strategy :
- Selling short at the current price (1257-1258$)
- Stop price at 1280$ (above the 38.2% Fibonacci retracement )
- Target at 1210$ (above the next support to make sure you are executed)
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