XAUUSD 'NFP PULLBACK' ANALYSIS
Updated
Having found strong resistance level on 1900+ price ,gold signaled a down trend move days prior NFP . In the process it broke out of the pitchfork channel and establishing resistance at 38.2% and support at 61.8%of the andrew's. On a retracement perspective ,NFP movement can be considered as a pullback from the channel break as it found resistance on the 78.6% of the fibonacci (level of confluence - Andrew's 38.2% zone), thus we can expect XAUUSD to further dip to the lower levels of price 1800+ ,more especially considering that USD is at multi-week lows and a bull season could be on the horizon for the dollar.
XAUUSD
XAUUSDTrade closed: stop reached
Order cancelled
Comment
Cosidering that it went up but still failed to break above and establish itself above price 1900+ ,I conclude that we might have got in early on this trade.
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