WARNING - HIGH RISK TRADE!
XAUUSD is currently doing a deep pullack to retest 1800.000 and possibly the daily trendline.
- Gold is currently at a major psychological level 1800.000, so it's likely to consolidate here for a while before continuing down to 1770.00.
- Gold has retested the daily 50 and 200 EMA.
- Gold could potentially still have around 200 pips to go before completing it's pullback.
- This is a swing trade, Gold is known to consolidate for long periods of time.
- Worst case scenario is gold doesn't retest the daily trendline and consolidates at 1800.000 for a few days before making a bullish reversal.
The safest option is to wait and see what price action gold displays over the next few days before entering the market.
XAUUSD is currently doing a deep pullack to retest 1800.000 and possibly the daily trendline.
- Gold is currently at a major psychological level 1800.000, so it's likely to consolidate here for a while before continuing down to 1770.00.
- Gold has retested the daily 50 and 200 EMA.
- Gold could potentially still have around 200 pips to go before completing it's pullback.
- This is a swing trade, Gold is known to consolidate for long periods of time.
- Worst case scenario is gold doesn't retest the daily trendline and consolidates at 1800.000 for a few days before making a bullish reversal.
The safest option is to wait and see what price action gold displays over the next few days before entering the market.