XAUUSD short trade for FX_IDC:XAUUSD by ChartsAvenue

supportandresistance supplyanddemand parallelchannel gold usd xauusd xauusdshort usd-us-dollar

1. Break of support.
2. Retracement to breakdown level, confirming old support = new resistance.
3. Continuation of primary (down)trend.

Comment:

Bears: price still in a downtrend + death cross (50/200MA) on June 19.
Bulls: bullish engulfing pattern (daily chart), price bouncing off uptrend line support (weekly chart)

...interesting week ahead ! Follow the price action !

Charts Avenue

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