XAUUSD has been riding the bullish wave for quite some time and therefore I will not yet recommend going short for the long term. This is a short term setup and here are my reasons.Volume : Falling Volume when price tests the resistance trendline indicates that bulls is not giving the necessary power to breakout.
Triangle : The Triangle that is forming is pointing downwards and therefore the bears is starting to steer price in their direction.
RSI : The RSI has a downwards slope that indicates closing prices is going lower.
SL : 1745.00
TP : 1710.00
This is a short term setup
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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.