Hello traders, XAU/USD has pulled back after hitting the resistance zone. At the moment, Gold is around 2065. Looking at the daily chart, I believe there is room for further decline in XAU/USD.
I am looking for a sell entry in Gold@2072-2085 with Stop loss above the resistance and TP at 1982. If this takes place, this trade can generate over 1000 pips in profit.
If price breaks above the resistance at 2090, this set-up would be invalid.
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Gold has dropped 70 pips since I made this post
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Big drop, more than 200 Pips now
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Gold is below the resistance now, if this stays below it, expect more fall