XAUUSD near term few month short setting up for a good support
I believe that gold will be near term 2-3 month moving lower to establish a higher low on the weekly time frame and preping for a super monthly long term move breaking the current weekly/monthly resistance around July-August time period. This would be ideal scenerio for banks and insitutions to accumlate.
-In this current situtation, it is higher risk to long, unless 1366 is broken on weekly
-In this current situtation, it is lower risk to short, especially if it breaks 1302 on weekly chart
-If current double top (1366) is broken, then the trade is more bullish,
-If current low (1302) is broken, the price will start moving downward towards 1270-1280 area would be a good area to watch for reversals.
www.tradingview.com/chart/h4cMHwh0/
XAUUSD
-In this current situtation, it is higher risk to long, unless 1366 is broken on weekly
-In this current situtation, it is lower risk to short, especially if it breaks 1302 on weekly chart
-If current double top (1366) is broken, then the trade is more bullish,
-If current low (1302) is broken, the price will start moving downward towards 1270-1280 area would be a good area to watch for reversals.
www.tradingview.com/chart/h4cMHwh0/
XAUUSD
Trade closed: target reached:
Position traders can start accumulating around this level 1260-1280, reversal will start happening around mid July to Mid August