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Short

XAUUSD Daily Chart Analysis: Drop below 1600 is still possible

FX:XAUUSD   Gold Spot / U.S. Dollar

XAUUSD is showing weakness in the daily chart . There is scope for a drop below 1560. Currently, the price is consolidating between 1688 and 1705. Once the consolidation is over, a drop is likely.

In the hourly chart two, Gold is trading below the important 100 hour EMA , which indicates short and medium-term weakness.

Sell Trades executed at the zone I have marked in my chart are still valid with SL placed above the previous high.


Comments

Drop to 1600 and then up again is what i think
+4 Reply
TraderAvDM bgnick888
@bgnick888, That will be good enough
Reply
Thumbs up Prof
+3 Reply
TraderAvDM bosholdings
@bosholdings, Thanks Chris
Reply
I also see gold going short... Thanxx
+3 Reply
TraderAvDM Nafrayo
@Nafrayo, Glad that you feel the same
Reply
i agree, here is my view
+2 Reply
Tks bro
+2 Reply
TraderAvDM moctrang
@moctrang, You're welcome bro
Reply
Will definitley look out for this!
+2 Reply
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