YellowMetal - XAUUSD, don't rush into buying it yet! I am still bearish on this, as long as it doesn't break above 1230$/oz, my target 1200$ will still intact.
Reason :
- Price retest and rejection on fib level 38.20% also last week NFP rejection area (sign of bull trap).
- Resistance area of 1225~1230, double top formed.
- Tight SL trade.
- Potential to reach next support points :
Entry point Short : 1225 ; TP1 : 1215, TP2 : 1208, TP3 : 1200 ; SL 1230 or above
Risk Reward 1:5
Always remember to trade with stop-loss, market is crazy & cunning*
Reason :
- Price retest and rejection on fib level 38.20% also last week NFP rejection area (sign of bull trap).
- Resistance area of 1225~1230, double top formed.
- Tight SL trade.
- Potential to reach next support points :
Entry point Short : 1225 ; TP1 : 1215, TP2 : 1208, TP3 : 1200 ; SL 1230 or above
Risk Reward 1:5
Always remember to trade with stop-loss, market is crazy & cunning*
Trade active:
+90pips on hand now, gold is back to retest 1215 area.
Trade closed: stop reached:
SL hitted despite of very bad US data.