XAUUSD: In Control By Bears, May Down Again
Updated
1) On Monday, the uptrend line B from 1459 had been broken. Then Gold bounced after tested uptrend line E which started from 1474. The uptrend line B has been retested multiple times by the bounce. Till now, Gold continues running under line B. The broken has been confirmed.
2) Besides that, Gold is still trading under the downtrend line A and C.
3) We haven't seen a higher high yet.
If Gold can't break 1490 today, it may drop and test the uptrend line E again. TP is 1482. If uptrend line E breaks, then we should see 1474.
If Gold breaks 1490 today, it will go up to retest 1495, then 1498.
2) Besides that, Gold is still trading under the downtrend line A and C.
3) We haven't seen a higher high yet.
If Gold can't break 1490 today, it may drop and test the uptrend line E again. TP is 1482. If uptrend line E breaks, then we should see 1474.
If Gold breaks 1490 today, it will go up to retest 1495, then 1498.
Note
Gold has crossed over line B. That's confirmed on 1h chart.Now it's closing to 1495 I mentioned.
If you long, you may consider close buy here. But it's fine to look for 1498.
If you short at 1490, you may add shorts here, and put SL to 1501.
If you have no order places, it's better to wait for the confirmation of MA100 broken on 4h chart.
Above are analysis only, please take care of risk management.
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