XAUUSD IMPORTANT PRICE ZONES - SELL TRADE INCOMING BUT WHEN?
Good Morning from the UK. With the DXY being real weak this week its allowed gold to soar to yearly highs! As we know what goes up must come down. But when?
I have a longterm weekly Pink trendline across the top of which price rejected and closed under on Fridays closure as price was entering the 'unfamiliar' territory.
The price range of 1340.00 - 1350.00 is important t see what price does in and around these levels candlestick formations will be key to monitor. Some traders may say its definitely overbought and will begin its decline. Others may say no the dollar is weak lets push towards the next highs. Now looking back I have a monthly key level at 1366.00 which price tested in April 2018 before the decline began.
This is one to keep an eye on patience wait for the candle confirmations as Pips to the downside are inbound going into the end of June. Between a 400 - 600 pip decline is due. Overall Target - 1300.00
I have a longterm weekly Pink trendline across the top of which price rejected and closed under on Fridays closure as price was entering the 'unfamiliar' territory.
The price range of 1340.00 - 1350.00 is important t see what price does in and around these levels candlestick formations will be key to monitor. Some traders may say its definitely overbought and will begin its decline. Others may say no the dollar is weak lets push towards the next highs. Now looking back I have a monthly key level at 1366.00 which price tested in April 2018 before the decline began.
This is one to keep an eye on patience wait for the candle confirmations as Pips to the downside are inbound going into the end of June. Between a 400 - 600 pip decline is due. Overall Target - 1300.00