DOUBLE TOP VISIBLE IN XAUUSD - SHORT OPPORTUNITY IN GOLD ?

Apr 19

Symbol - XAUUSD

Gold has given a huge up move in recent months after breaking out of 2070 - 2080 zone.

Gold went till 2430 on 12 April and witnessed sharp selling immediately from that level. After consolidating, It tested 2420 level today again and exhibited sharp selling from that level for the second time.

XAUUSD CMP - 2392

I'm planning to short it between 2392 - 2410 with SL above 2427.

Gold is following a support trendline. I will add more position on breaking this trendline.

Targets will be 2358 - 2338 - 2300 - 2260





Disclaimer - Do not consider this as a buy/sell recommendation. I'm sharing my analysis & my trading position. You can track it for educational purposes. Thanks!

Apr 19

Trade active

Apr 22

Trade active

CMP 2370

My short position is active from 2393
Trendline broke down, Planning to add more position.

Apr 22

Trade closed: target reached

CMP 2352
First target reached.

P.S. : My short position is open.

Apr 22

Trade closed: target reached

CMP 2339
Second Target reached.
Witnessing a good fall after breaking support trendline. This is what I was expecting.

Booking 50% position here and rest Holding with 2380 SL.

Apr 22

Trade active

CMP 2332
What a brutal fall!

2325-2330 is the immediate support & liquidity area. It may take support here.
On breaking 2325 zone, We can see another round of strong selling till 2300

Apr 23

Trade closed: target reached

CMP 2298
Third target reached.
Booking full position here.

Although it may fall more & reach target 4 as well but I have already captured a huge move in just two days. so closing here.

Apr 23

Note

XAUUSD maybe entering correction phase. Based on price action & technical patterns, I took short position & soon after, Gold witnessed brutal profit booking.
Buyers are now trapped & eliminated and Gold may be heading towards 2260 - 2228

Price action is bearish. PMI data is due today. Positive data for the dollar will only strengthen the fall of gold, but the negative PMI will weaken the strong fall.

On any retracement/rise towards 2325-2330, I will be interested in making short positions again.

Apr 23

Trade active

XAUUSD CMP 2330
Creating short positions again.

will add more if 2345 comes & will hold with SL above 2352

Apr 24

Trade active

CMP 2312
Going as per my view. Holding with CTC SL now.

Apr 25

Trade closed manually

CMP 2314
Trading completely sideways.
Closing my position here. Now will make position only if sustaining & closing below 2300