XAU/USD short setup here, macro trend is bearish on M,W,D timeframes with price trading below weekly 200 ma . On the daily watching for a retest and rejection of the 200 ma which coincides with the trendline resistance, and the 50-61.8% retrace on the last weekly swing. Watching for this level to be tested into February
Comment:
Did not get the price action I was looking for and price blasted through resistance here and has tested 1200 level, potential for a deeper pullback to test the 200 weekly ema around 1240's in the next few weeks. This will be a major pivot point as if this level is closed over, we may see a change in sentiment in this market.