Is XAUUSD ready for a pull back?
Updated
The bulls seem to be running out of steam after several attempts to break above the high at 1763. Even though the psychological level at $1,800 is looking much in reach the momentum is just not there to get it to that level as the sellers have re-entered the market.
With that being said we still have to turn our attention to the economic front. We’re beginning to get some positive news about the U.S. economy slowly starting to re-open plus we may have a vaccine to fight CoVID 19 in the pipeline, notwithstanding many testings before everyone has access, but we still have to count it as silver-lining in the clouds.
Anyhoo, let’s get to our setup. I’m short with a market entry at 1744, a really conservative stop loss at 1754, and a practical take profit at $1701.
Please hit like and comment to let me know what are your views. If you haven’t started to follow me, follow me.
Good luck & Happy trading!😀
With that being said we still have to turn our attention to the economic front. We’re beginning to get some positive news about the U.S. economy slowly starting to re-open plus we may have a vaccine to fight CoVID 19 in the pipeline, notwithstanding many testings before everyone has access, but we still have to count it as silver-lining in the clouds.
Anyhoo, let’s get to our setup. I’m short with a market entry at 1744, a really conservative stop loss at 1754, and a practical take profit at $1701.
Please hit like and comment to let me know what are your views. If you haven’t started to follow me, follow me.
Good luck & Happy trading!😀
Trade active
Trade closed: target reached
This trade played out perfectly. I suspect there’ll be more downside for the pair. But in the meantime I’m gonna bask in this win. See ya ✌🏽
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