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..

Comments

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