Closed above the 200 MA - Inside the sell zone

FX:XAUUSD   Gold Spot / U.S. Dollar
$XAUUSD reached last week to the sell zone I mentioned in my previous analysis (see linked idea).
The first resistance zone was 1165-1180$ (red box). The price closed near the zone's top, just above the 200 days MA.
In case that $XAUUSD will decline below 1170, below the 200 days MA, this could be a sell signal that can be used to short $XAUUSD with stop loss above 1190$.

If $XAUUSD will remain above the 200 SMA line, it may be wise to wait for it to reach the second sell zone - 1200$ - to complete the bearish Gartley pattern and to look for smaller time frames reversal patterns there.
In this case, the stop loss must be above X and the price must close back below the 200 SMA line to confirm that it intends to reach 1160 and 1140, which are the first target levels of this bearish setup.

This analysis is part of the Weekly Markets Analysis newsletters

To read more interesting technical reviews -
To subscribe to the newsletters -
Comment: Position closed.
Commercial net interest on silver is showing selling at levels that has produced a high numerous times since the 2011 highs.
thanks my ideahttps://www.
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
HE עברית
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing Send feedback Ideas Published Followers Following Private Messages Chat Sign Out