200 moving average is a big barrier we have here, we either break and go 1300+ or it will reject and we go down 1270 or lower...1288 is the price to watch for now.
Great idea on xauusd. We found that price is currently consolidating into a pennant where by there may be 2 scenarios. Should price break above the pennent, it might shoot up to test the 1300 level where it might struggle to break that level due to the numerous inflection points. Should price break down, it might drop to 125X to 126X level, where there is a 78.6% fib level and a horizontal support level. If it does break down, we might opt to go into a long for wave 5.
Please take a look at our idea and let us know what you think.
Please take a look at our idea and let us know what you think.