XAUUSD: Waiting for the SELL
After a big drop from the 2000 level, XAUUSD has been ranging in the 1800-1900.
We are expecting the price to test the resistance at 1860 level.
Given that this level was previously a support and had recently being broken, any retest of the newly support-become-resistance (SBR) would have a high probability of failure given that this would be the first retest after successful breakout.
We are looking to sell at 1863 and close our position when it reachs 1817 (460 pips).
DISCLAIMER: This is not an investment advice nor a buy call. This is just some analysis of based on some technical factors coupled with just a little or totally nonexistent fundamentals. This analysis is based on lagging (past) data (ie historical prices) thus any forward looking statement is just based on perceived highly probabilistic assumption(s) to assist personal trading decision.
We are expecting the price to test the resistance at 1860 level.
Given that this level was previously a support and had recently being broken, any retest of the newly support-become-resistance (SBR) would have a high probability of failure given that this would be the first retest after successful breakout.
We are looking to sell at 1863 and close our position when it reachs 1817 (460 pips).
DISCLAIMER: This is not an investment advice nor a buy call. This is just some analysis of based on some technical factors coupled with just a little or totally nonexistent fundamentals. This analysis is based on lagging (past) data (ie historical prices) thus any forward looking statement is just based on perceived highly probabilistic assumption(s) to assist personal trading decision.
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