XAU/USD

Potential shorting opportunities on Gold. If daily support zone(1487-1490) can be broken and retested would be a nice area to go short.
TP1: @ 1460 zone.
TP2: @ 1445 zone.

Confluences:
Price has bounced from the unshaded box @1510 zone which is the 61.8% fib retracment zone as well. Price did wick to the 78% as well. (Daily)
Price is below 20MA and 50MA, !00MA is around the 1460 zone. (Daily)
Price has broken the daily EMA Ribbon. (Waiting for close tho)
Price has also recently bounced from an upper trendline.

Komentarz:

Good Morning Traders!!

After Finding strong support overnight on the daily support zone, price has retraced to the 61.8 fib zone on the 1h chart. Im still bearish in the pair due to market structure and will continue to be short unless the upper trendline is broken. I personally have entered into the trade @ 1504.78 short. I still will be looking to add to my position if the daily support can be broken and retested for further downwards price action.

Much love everyone and have a great trading day!

Zlecenie zamknięto ręcznie:

Closed short position with +105pips. Suffered through a pullback but fortunately the upper trend line was respected as well as the 1510 zone.
I am still anticipating further short side momentum to around the 1445 zone. There is a potential bull flag forming within the channel so keeping an eye on that too.

Once Price breaks the support zone @ 1480 and a retest occurs, then i will be looking to enter a short to the previous low and/or the 1445 zone.

Update soon!