jeanluc.lazet
Short

XAU/USD - Trend line break down?

FX:XAUUSD   Gold/U.S. Dollar
Looking at the 4hr XAU/USD             chart, I saw a nice bearish outside bar ( BEOB             ) right at the longer term descending trend line. We had a small false breakout and a strong close below. To me, this indicates a move lower with the overall trend. I entered on a retrace to around the 50% Fibonacci retrace which is something I don't usually incorporate. I'm hoping we break through the lower band rising trend line and continue lower.

Confluence:

- Descending TL
- Fibonacci level
- BEOB            
- Minor support/resistance @ 1215 level
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