XAU/USD, GOLD/USD, DAY CHART, SHORT (11-DEC-2016)

Note:
Overall, Gold is on BEARISH trend.
It managed to break the recent support zone.

Now there are 2 ways to short this pair:
1. Wait for PB to the support zone and short it
with right risk

2. Zoom into H4 or H1 Chart, wait for PB to touch
20-EMA and short

High Risk to Reward Trade :)

Watch the FED FOMC, it might be the driven force to get it down further!

Trade active:

Zoom into H4 Chart, Gold price pullback to 20-EMA and bounce back to resume the bearish trend.
There is a resistance line to support the bearish movement near 1169 level.

Decided to entry.
EP: 1158.24
SL: 1189.59
TP: 1105.96

Trade active:

With the announcement of rate hike to a range of 0.50-0.75%.
We see gold price dropped further.
Now we decided to move our SL to Breakeven SL.

In this case, it is a risk-free trade now :)

Trade active:

Moved our SL to 1145 level to secure certain profit and let's it continue to run :)

Trade closed manually:

Decided to close with profit of 228 pips.
Don't want to carry trade over the weekend.

We are still bullish on this trade :)