XAUUSD Analysis 10/11/14

FX:XAUUSD   Gold Spot / U.S. Dollar
243 0 0
Long term trend: Up
Medium term trend: Down
Significant Levels: 1187 (Horizontal Resistance), 1080 (Horizontal Support)

As previously mentioned, the recent move that formed is what we're looking for, the breakout below the 1187 significant level. As of writing, a retracement is forming near the support-turned-resistance line. This is a great opportunity to trade now. Even though the previous candle is a Large Bullish one, the resistance could not be broken that easily. Especially that the price recently broke below it. It would be a nice opportunity for us to get in the market and place our Short trade.

Place a Short trade at or below the 1187 level and the Stop Loss above it.

Trade well.
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