Nice idea on XAUUSD and there may be bearish bias as you have you have identified. For our set up, we have identified the key resistance and support levels for the short term. The first resistance that we have identified is at 1239.73 (61.8% Fibonacci extension , 38.2% Fibonacci retracement , horizontal overlap resistance), below the resistance that you have identified. Stochastic is approaching its resistance at 97% where a corresponding reversal could occur. If a reversal does occur, we may look at the 1213.26 (50% Fibonacci retracement , horizontal swing low support).
Please have a look at our idea and share with us what you think.
ycaptain7
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@ICmarkets, hey guys. I don't use any indicators. Iv seen alot of people use fib levels though and they seem pretty accurate. The resistance you identified is where i went short after confirmation ofcourse. OVERALL my bias on gold is bullish though! i wont let that affect my trades though
Please have a look at our idea and share with us what you think.