Still Bearish

FX:XAUUSD   Gold/U.S. Dollar
281 1 7
General Trend still Bearish . Retest of yesterday's high a possibility and maybe higher but as long as Previous Supply Zone is not breached, price will just travel to and fro the trend lines and within range of supply area. I would look to sell on price break at lower trend line or any sign of weakness from upper tl. "Trend is your friend, they say" - so my preference is to sell the highs at any sign of weakness so as not to get caught on the wrong side of the fence.

No matter how I look at this,rally is a bull trap and just taking a breather to take the price down beyond the triple bottom. Take note of pattern formed on time frames - Rising Wedge . Nothing much has changed with my outlook for this pair.

NOTE: IMHO, change of outlook to bullish when previous supply area is strongly breached.

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Regulus9 about XAUUSD 5 2 years ago
thanks for this post
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