MEX_Exchange
Short

Gold forming a cup and handle reversal, prepare for strong drop!

FX:XAUUSD   Gold Spot / U.S. Dollar
Sell below 1344. Stop loss at 1353. Take profit at 1325.
Reason for the trading strategy (technically):
Gold             has formed a really strong reversal with a cup and handle formation. We look to sell below major resistance at 1344 ( Fibonacci retracement , horizontal overlap resistance, cup and handle breakout level) where a strong drop is expected to push price down to at least 1325 support ( Fibonacci retracement , horizontal overlap support, Fibonacci extension ).
Stochastic (34,5,3) is seeing descending resistance hold it down really well which corresponds to the drop we’re expecting.
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still valid bro?
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