XAUUSD: Hit the Multi Year Resistance. Sell opportunity.

FX:XAUUSD   Gold Spot / U.S. Dollar
Gold has just entered today the 1,355 - 1,365 1M Resistance Zone with 1D highly overbought ( RSI = 77.219) due to June's aggressive bullish run. The price is undoubtedly inflated due to the recent geopolitical tensions (U.S. - Iran) and the correlation with DXY has been broken. As soon as tensions ease, those dynamics will normalize and Gold should start moving lower towards its fair technical value.

This presents an optimal sell opportunity as the 1M Resistance Zone has worked as a sell accumulation point since 2017 and with a slight variation (-1,375) since 2014. We are now initiating a long term sell strategy on Gold with a long term TP = 1,220.

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Comments and likes are greatly appreciated.
High quality signals ( for live buy/sell opportunities on a variety of financial assets.
Any update?
Strongly agreed due to daily Doji closed and 1214 is too a potential exit.
I see that strong Resistance too. Lets wait if the price shoots down.
Great Set-up. I sold at 1353 and 1357 as well
+1 Reply
@TraderAvDM, Good job. We believe it will break your Higher Low trend line though.
etfsandstuff TraderAvDM
@TraderAvDM, good job :)
+1 Reply
+1 Reply
hi. thanks for idea! why tp is 1220?
+4 Reply
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