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TraderAvDM
Apr 21, 2020 3:59 AM

XAUUSD Daily Chart Analysis: Drop below 1600 is still possible Short

Gold/U.S. DollarFXCM

Description


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