There are a couple options of how to play
XAUUSD
.
1 - We could look for a break of the upper trend line of the descending channel and ride the bull run up to the previous resistance level.
OR
2 - We would wait for a break of MILD SUPPORT inside the channel and ride the bear urn down to the lower trend line of the descending channel.
OR
3 - We could sell NOW off the upper trend line bounce, ride the SHORT wave down to the support level and then see if we get a bounce LONG again off the MILD SUPPORT.
We prefer looking for a break of the UPPER TREND LINE as the MACD it starting to point upward, price seems like it wants to pullback to the 200 day SMA and we are about to cross the 0 line on the MACD. We are also sitting right on top of the 50 day SMA currently - could bounce or break to downside. This chart will come into focus over the next session and we will be watching it.
Published 10/19/17
XAUUSD
. 1 - We could look for a break of the upper trend line of the descending channel and ride the bull run up to the previous resistance level.
OR
2 - We would wait for a break of MILD SUPPORT inside the channel and ride the bear urn down to the lower trend line of the descending channel.
OR
3 - We could sell NOW off the upper trend line bounce, ride the SHORT wave down to the support level and then see if we get a bounce LONG again off the MILD SUPPORT.
We prefer looking for a break of the UPPER TREND LINE as the MACD it starting to point upward, price seems like it wants to pullback to the 200 day SMA and we are about to cross the 0 line on the MACD. We are also sitting right on top of the 50 day SMA currently - could bounce or break to downside. This chart will come into focus over the next session and we will be watching it.
Published 10/19/17
Trade active:
1286.80 is an important level today. If sustained under this price - BEARS are in control. If sustained over this price, BULLS in control.
With this in mind, we will take a SHORT inside the descending channel with targets at 1282.90, 1281.90 and 1280.20. Our STOP is 1286.80
Potential bounce near the mid of the channel. Look to close SHORT and then turn LONG on a bounce.
With this in mind, we will take a SHORT inside the descending channel with targets at 1282.90, 1281.90 and 1280.20. Our STOP is 1286.80
Potential bounce near the mid of the channel. Look to close SHORT and then turn LONG on a bounce.