Long term trend: Up
Medium term trend: Down
Significant Levels: 1187 (Horizontal Resistance), 1137 (Horizontal Support)
XAUUSD retraced back to the 1187 level. The price is still near that price level as of writing. We are still bearish with Gold and this is the best opportunity to go Short. Yesterday's candlestick was an inside bar which indicated an indecision in the market. Although there's still no bearish signal, we are still bearish here. There's not much of a movement in the price today. We could wait for what the price will do for today and not place an immediate trade, as today is Friday and it is not advisable to leave an open trade over the weekend (unless you have a long term trade).
Trade well.
Medium term trend: Down
Significant Levels: 1187 (Horizontal Resistance), 1137 (Horizontal Support)
XAUUSD retraced back to the 1187 level. The price is still near that price level as of writing. We are still bearish with Gold and this is the best opportunity to go Short. Yesterday's candlestick was an inside bar which indicated an indecision in the market. Although there's still no bearish signal, we are still bearish here. There's not much of a movement in the price today. We could wait for what the price will do for today and not place an immediate trade, as today is Friday and it is not advisable to leave an open trade over the weekend (unless you have a long term trade).
Trade well.