DikotoMandengue

XAU/USD - Pullback tot previous resistance & Fall to 1300

FX:XAUUSD   Gold Spot / U.S. Dollar
Technical trade..

I just bought Gold agianst the dollar. We had a bearish triangle breakout (Go check out my previous analyze ). I took the trade a the bottom of the trendline because that should give some support, you could wait for a pullback to 1325 and go for a short there. remember do not just copy a trade from someone else, try to understand why they should trade it.

Technicals

- We at a trendline , price action is showing that we may see a pullback before going down again
- we are in a uptrend but realy over extended. We at a weekly recistance and that showed us bearish price action.

Sentiment,
Lot's of uncertainty in econmics this make's gold very attractive as a safe heaven. Lot's of smart allready bought gold . Inverstors/traders prefer to make a pullback to see if there are more buyers is some cheaper zones.
i think we will see a drop to 1300 before going uo again and make new highs.

Fundemental,
Tomorrow economic news: Initial jobless claims, GDP 4Q and FOMC Member Clarida Speaks

Entry:
1317.50

Take Profit: 1325
Stoploss :1314

Trade closed: target reached: 75 pips Profit! , nice place to set a sell.
Comment: Will update a new analyze in a bit..
Trade closed: target reached: First we went up to 1327 and after we dropt ;) Two trades. 1318 --> 1324,50
1323 ---> 1300 a total of 320 pips !! Like if you made some profits this week..
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing House Rules Moderators Website & Broker Solutions Widgets Charting Solutions Get Help Feature Request Blog & News FAQ Wiki Twitter
Profile Profile Settings Account and Billing Get Help Ideas Published Followers Following Private Messages Chat Sign Out