Gold will drop below 1400$ Soon : XAUUSD Weekly
XAUUSD is trading inside a downtrend channel on the weekly timeframe, currently, the price is holding support above 1450$. Falling channel resistance is at 1490$ which should be difficult to break.
Moving averages:
Gold is trading below 21MA on weekly, 21MA is acting as resistance as of now, next MA Support is at 1385$.
MACD:
Weekly MACD is bearish and indicating possibilities of more drop in the coming weeks.
Trade Signal:
Direction: SHORT
Entries: 1480-1510$
Exit: 1390-1420$
STOP: 1530$
Timeframe: 3-6 weeks
Moving averages:
Gold is trading below 21MA on weekly, 21MA is acting as resistance as of now, next MA Support is at 1385$.
MACD:
Weekly MACD is bearish and indicating possibilities of more drop in the coming weeks.
Trade Signal:
Direction: SHORT
Entries: 1480-1510$
Exit: 1390-1420$
STOP: 1530$
Timeframe: 3-6 weeks
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.
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.