XAUUSD - Bearish Trade Plan
Gold has breached its first and second weak support levels of 2772 & 2745 on 1 hr time frame. It is continuing to decline its trend towards its key support level. Furthermore, there is an extremely bearish candlestick pattern. Followed by the bearish candlestick pattern where we enter this declining trend on a Sell-Stop order a confluence of Fibonacci Retracements signals that it has broken the golden ratio of Fibonacci Number 0.618 towards the downside. Technicals have a clear downside indication with all these confluences. It is the fundamentals that are holding it up, one negative news will massively dump this instrument.
Trade closed: stop reached
Stop loss hit
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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.