XAUUSD Its Now or Never for Bulls June 26-30 Trading Plan
Daily TF view:
XAUUSD
has fallen a lot after FOMC raised rates a few days ago right after it was able to break through the "Big Bear Resistance Trendline" but failed to hold and close above it forming a bearish candle in the weekly . Now it looks like it was able to form another bottom at the 1240 level with a nice green reversal candle on the Weekly 20MA support that has proven to hold up the price during the past two down legs.
Weekly TF view:
Entry: 1252.052
Stop: 1248.69
Profit: 1265/1292+
I believe that
XAUUSD
should rise further to retest the "Big Bear Resistance Trend-line" once again which is currently on the 1260-1270 price range. Also located on that area is the Daily 20MA which should also provide resistance on that area. With a lot of important economic data coming out this week,
XAUUSD
should decide whenever to finally break out from the resistance since the bear market started or gets rejected once more that could cause a big drop in the price. If
XAUUSD
shows signs of difficulty breaking the resistance so it would also be a great area to short even just for a hedge.
Any feedbacks are appreciated!
XAUUSD
has fallen a lot after FOMC raised rates a few days ago right after it was able to break through the "Big Bear Resistance Trendline" but failed to hold and close above it forming a bearish candle in the weekly . Now it looks like it was able to form another bottom at the 1240 level with a nice green reversal candle on the Weekly 20MA support that has proven to hold up the price during the past two down legs. Weekly TF view:
Entry: 1252.052
Stop: 1248.69
Profit: 1265/1292+
I believe that
XAUUSD
should rise further to retest the "Big Bear Resistance Trend-line" once again which is currently on the 1260-1270 price range. Also located on that area is the Daily 20MA which should also provide resistance on that area. With a lot of important economic data coming out this week,
XAUUSD
should decide whenever to finally break out from the resistance since the bear market started or gets rejected once more that could cause a big drop in the price. If
XAUUSD
shows signs of difficulty breaking the resistance so it would also be a great area to short even just for a hedge. Any feedbacks are appreciated!
Trade closed: stop reached:
Surprise flash crash!