pavan15589
Short

XAUUSD - A descending channel - A Short

FX:XAUUSD   Gold Spot / U.S. Dollar
Gold             has been in a descending channel for a really long time and currently it has bounced back down from the resistance of the channel.

As the price action has strongly stayed inside the channel without any signs of strength to push for a breakout on the higher or lower end, a short is a viable idea on gold             with targets at half way point from the resistance while stops being just above the pin bar rejection on the daily chart .
The setup yields a good 1 to 4 R-R ratio.
I have similar view , it may go back to $1180 /60 level if $1231-38 is holding its upward movement.
+1 Reply
pavan15589 DEEP2DEEP
There seems to be a nice rejection from the top while currently, the price is under any kind of resistance from the past... It may touch $1180 region before making another attempt to test the resistance...
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