FX:XAUUSD   Gold Spot / U.S. Dollar
339 2 12
look at the 4h chart ,the important support level was brokenout by strongly power ,i think the drop down space is opening .now, a AB=CD pattern completed at 1290.00 and the RSI is over sold here , so i suggest the short position should take some profits here .if you didn't do a short trade,i think there is an idea to plan a long trade at 1289.00 area (of course ,must light position ) ,i don't want to trade this short-term long trade ,because it's not my trade style .what i will do is waiting the price pullback and retest the neckline (at 1300.00 area ) ,then i will get ready to short .
good luck guy.
Comment: wow,the drop down's power is so strong ,don't buy !!!
Comment: panic selling last night .
Order cancelled: 1300 area is an important support level this year , most buyer set their stop loss of the long trade here .so if the price drop down quickly , most of the long trade are forced to stop out , made the drop down much more poerfull .
Comment: the gold get some support now (the 0.382 fibo and previous support ),if you still holde the short trade ,suggest to take some profits here.

Related Ideas

Will be monitoring price movement next week
cowboy -Andrew-
thanks guy . l still focus on 1300 area .
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