In my post from yesterday, I mentioned that
XAUUSD
had broken below support. I advised that any rallies back to that zone should be considered for selling.
Following my own advice, I executed the sell, and despite an initial drop, the market reversed, resulting in my trade currently being at a loss.
Setting aside my specific trade situation, let's objectively analyze the market. We observed an initial break below support followed by a reversal back above. This pattern may suggest a false break of support, a hypothesis that would be confirmed if the price rises beyond 2035 and approaches 2040.
In such a scenario, the medium-term bullish trend would remain intact, and we could view the $2,000 level as a robust support. On the contrary, if there is a subsequent break below 2015, it would validate my initial perspective, exerting downward pressure on the $2,000 level once again and potentially exposing 198
For now, I wait and see, knowing that losing trades are part of this business.
Following my own advice, I executed the sell, and despite an initial drop, the market reversed, resulting in my trade currently being at a loss.
Setting aside my specific trade situation, let's objectively analyze the market. We observed an initial break below support followed by a reversal back above. This pattern may suggest a false break of support, a hypothesis that would be confirmed if the price rises beyond 2035 and approaches 2040.
In such a scenario, the medium-term bullish trend would remain intact, and we could view the $2,000 level as a robust support. On the contrary, if there is a subsequent break below 2015, it would validate my initial perspective, exerting downward pressure on the $2,000 level once again and potentially exposing 198
For now, I wait and see, knowing that losing trades are part of this business.
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📈 Forex & XAU/USD Channel:
t.me/intradaytradingsignals
💎 Crypto Channel:
t.me/FanCryptocurrency
🌟 Premium Contact:
t.me/IacobMihai