Why you should be looking to short XAUUSD?
XAUUSD recently reached its highest point since June 2018 and since then its been having a mini consolidation unable to break above into the next zone. Currently, all the signs are pointing to sell. Here's why:
- XAUUSD has broken the EMA (25, close) twice in the past two weeks on the 4-hr chart
- Stochastic Oscillator and RSI indicate that the pair is overbought on the 4-hr with the Stochastic saying sell on the 1-hr
- XAUUSD is currently retesting the EMA (25, close) on the hourly chart
Where to get in:
I would wait to see if XAUUSD doesn't break the EMA (25, close) on the retest and then get in once the next candlestick closes with a bearish candlestick. If you're a little bit more risky, you could get in now but I like to be sure the pair is ready to make the move before I enter a trade.
Happy Trading !
Nim$
- XAUUSD has broken the EMA (25, close) twice in the past two weeks on the 4-hr chart
- Stochastic Oscillator and RSI indicate that the pair is overbought on the 4-hr with the Stochastic saying sell on the 1-hr
- XAUUSD is currently retesting the EMA (25, close) on the hourly chart
Where to get in:
I would wait to see if XAUUSD doesn't break the EMA (25, close) on the retest and then get in once the next candlestick closes with a bearish candlestick. If you're a little bit more risky, you could get in now but I like to be sure the pair is ready to make the move before I enter a trade.
Happy Trading !
Nim$
Note
Secure partial profits or close trade.Ensure SL is at breakeven.
Might be able to enter again on retest at EMA (25, close)
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.