Since the beginning of August, Gold trade downwards and, if we ignore the spike from the beginning of the year, it respected pretty well the downtrend line. At this point, XauUsd is sitting on a very important support which, if broken, the road is clear till 1700 zone. If we look at price action this year is very clear that the yellow metal lost its power and every rally is sold. So. in my opinion, this support will not hold and Gold will tumble. Another aspect is that a lot of retail traders are long here...
I will remain short XauUsd and only a break back above 1800 would make me reconsider my bearish outlook
BRO ITS NOT A GOOD IDEA TO SELL ON A STRONG WEEKLY / DAILY SUPPORT
Mihai_Iacob
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@jarrafadi, didn t sold in support.
Sell rallies is my strategy and in think 1800 will hold.
What i said un the analtsis is that i believe that this support will not hold
ProjectSyndicate
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seems logical. I like this.
Mihai_Iacob
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@ProjectSyndicate, had a spike now.
I hope it will close towards 1770 and will be pretty clear then.
Thanks for comm