XAUUSD short and long trade idea
Updated
The price has hit the daily support and bounced from there. This was accoroding to our expectation once it started trading below weekly resistance. Now the price is trading above the daily support, however, I see a pullback back to the daily support region before moving higher. I have presented here two trade ideas, one short and one long. First the short towards the daily support and then a long from daily support towards weekly resistance. Lets see what we get.
Note
so out of the two trade ideas, one got completed successfully and the second one is in play. The price hit the daily support zone which was also our target for the short trade. After that the price reached to the bottom of support zone which is our final entry point for the long trade. We have covered more than half the way of the target profit of this long trade and I have closed half of the position there around at 1.6% profit. Currently price is experiencing some pullback and I will add the closed position size on this pullback around 1924-1926. I still think this trade shall reach its target to weekly resistance in coming days.Trade closed: target reached
So finally this second trade got completed. The price hit the weekly resistance concluding our long trade. The price struggled a bit there at weekly resistance but is now trading above it. It seems, it wants to go further up. I think again a long will be suitable but we watch it for a while before taking a new trade.
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