theoris
Short

Sell gold now for scalping

OANDA:XAUUSD   Gold Spot / U.S. Dollar
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Nice idea on XAUUSD and there may be bearish potential as you have identified. The 1st resistance that we have identified is at 1236. It is a horizontal overlap resistance, with 100% Fibonacci extension and 38.2% Fibonacci retracement. Stochastic is approaching its resistance at 94% where a corresponding reversal could occur. If a reversal does occur, we may take a closer look at the 1211 support, which is just below the lower limit of your take profit zone. It is a horizontal overlap support with a 23.6% Fibonacci retracement and 100% Fibonacci extension. Looking forward to see how things develop.

Please have a look at our idea and share with us what you think.




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theoris ICmarkets
@ICmarkets, Thank for your sharing I agree with you . I set Buy limit in 1211-1213 zone too
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