This is a Price Action Analysis. As you can see XAUUSD rejected FIBO LEVEL 0.618. In this Sell Zone there is also the Extension FIBO 1.618 swing high-low 17/19 March. As you can see Buyers appears weak and they left their Footprint in this Sell Area. MACD is also in a Bearish Divergence. What we can expect is to see Gold coming back until previously Value Area to retest the Main Support Risk Reward Ratio can be 5 times bigger.
Tap a LIKE if you think is a useful idea and comment below! Please do your own research, and follow your trading plan with a properly Money Management.
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Guys, due to the CoronaVirus fact, markets conditions are really unstable, even Gold. For this reason is very important not just follow a properly Money Management (as always we have to do), but even looking for high probabilities set up and follow each operation more carefully than ever. Are simple things but VERY IMPORTANT, because it can protect your capital in these markets condition.
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XAUUSD playing in a range, still valid the strong Supply Zone that he cannot invalidated. What we can expect is to see the price drop soon. Target is in the Demand zone as illustrated. Stay tuned.
@DaweFXHunter, Thank you Dawe for sharing your idea, great.
transparent-fx
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I made a MTA on it today, this is the outcome
UnknownUnicorn7104034
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@transparent-fx, Great, thank for sharing your idea. I think that due to the Coronavirus fact, markets and even Gold are really unstable, we can expect anything.