XAU/USD - Pullback tot previous resistance & Fall to 1300
Updated
Technical trade..
I just bought Gold agianst the dollar. We had a bearish triangle breakout (Go check out my previous analyze ). I took the trade a the bottom of the trendline because that should give some support, you could wait for a pullback to 1325 and go for a short there. remember do not just copy a trade from someone else, try to understand why they should trade it.
Technicals
- We at a trendline, price action is showing that we may see a pullback before going down again
- we are in a uptrend but realy over extended. We at a weekly recistance and that showed us bearish price action.
Sentiment,
Lot's of uncertainty in econmics this make's gold very attractive as a safe heaven. Lot's of smart allready bought gold . Inverstors/traders prefer to make a pullback to see if there are more buyers is some cheaper zones.
i think we will see a drop to 1300 before going uo again and make new highs.
Fundemental,
Tomorrow economic news: Initial jobless claims, GDP 4Q and FOMC Member Clarida Speaks
Entry:
1317.50
Take Profit: 1325
Stoploss :1314
I just bought Gold agianst the dollar. We had a bearish triangle breakout (Go check out my previous analyze ). I took the trade a the bottom of the trendline because that should give some support, you could wait for a pullback to 1325 and go for a short there. remember do not just copy a trade from someone else, try to understand why they should trade it.
Technicals
- We at a trendline, price action is showing that we may see a pullback before going down again
- we are in a uptrend but realy over extended. We at a weekly recistance and that showed us bearish price action.
Sentiment,
Lot's of uncertainty in econmics this make's gold very attractive as a safe heaven. Lot's of smart allready bought gold . Inverstors/traders prefer to make a pullback to see if there are more buyers is some cheaper zones.
i think we will see a drop to 1300 before going uo again and make new highs.
Fundemental,
Tomorrow economic news: Initial jobless claims, GDP 4Q and FOMC Member Clarida Speaks
Entry:
1317.50
Take Profit: 1325
Stoploss :1314
Trade closed: target reached
75 pips Profit! , nice place to set a sell.Note
Will update a new analyze in a bit..Trade closed: target reached
First we went up to 1327 and after we dropt ;) Two trades. 1318 --> 1324,501323 ---> 1300 a total of 320 pips !! Like if you made some profits this week..
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