XAUUSD (Gold) - Testing the major support

Hello traders,

Meet me again. This time, I will share my trading idea about Gold vs US$(XAUUSD). Recently, Gold going down after testing 1959.1 and now, it is already near major support again and rebounded from the first border of the support zone. The question (from some friends) and also from most of you who follow this gold is "Gold rise again or not"?

So, here is my view about gold.
First, You have to realize that we are reading the chart and make forecast about the next movement based on what we reading. From recent price action, Gold showing sellers dominance a lot. This dominance not stop because price around or at the support zone. As you realize, price can break the support if sellers stronger than buyers. And for this gold, sellers still strong. There is no valid evidence that buyers stronger now.

What I see is, the rising movement now is just a kind of "pullback" of bearish trend. Buyers now testing the sellers strength by driving the price to the near resistance (1837.4-1816.6). So, sellers can show up here and push back market again. When this happen, then price will go down lower and test again the major support. And if this support breakdown, then, we can say "bye-bye" to bullish and welcome "bearish".

So, I prefer to stand as a seller now and get a chance to short in market.

However, trading is about a probability. So, if somehow, buyers can defeat sellers around their minor resistance and buyers can make price above those level (1837.401816.6), then I will analyze again my preference.


So, happy trading