After looking at XAUUSD
, I see a potential for it to retrace back down to 1794 levels, this is supported by the following points:
- 5min Resistance that has formed
- The candles have hit the resistance of the upwards channel and failing to break above it.
- The Relative strength index of 30min Upwards is overbought, we have to go down now
If planning to take this trade Goodluck and keep a tight stop-loss just above the resistance