This setup is based on couple of trendlines drawn on 1hr XAUUSD. As you can see,if the lower support trendline is broken then XAUUSD may retest the 1300's level but it won't be moving down instantly but with pullbacks to retest of 1350's levels.
But that 1350's level need to be watched carefully, if price is resisted there then XAUUSD will move down if its taken out then Gold will moveup and we wont have short chance. So there are two short entries as of now 1) On the break of Lower support trendline 2) Retest of resistance 1350 on pullback
Hit Likes to show your support...Thanks for your support...Happy Trading !!
But that 1350's level need to be watched carefully, if price is resisted there then XAUUSD will move down if its taken out then Gold will moveup and we wont have short chance. So there are two short entries as of now 1) On the break of Lower support trendline 2) Retest of resistance 1350 on pullback
Hit Likes to show your support...Thanks for your support...Happy Trading !!
Comment:
Guys, as we have expected price has broken the support trendline, if there is valid close below trendline we can initiate short positions in Gold..Happy Trading !
Comment:
Booked some profits around 1330's and trailing stops for remaining positions.
