XAU/USD: short position from resistance level
The 1h chart clearly shows how the price breaks the trend line.
We can also notice a strong resistance level, at which the zone of interest was formed earlier. This area coincides with the 61% Fibo level.
In my opinion, the best moment to enter a trade in sell will be near the resistance level.
Stop loss is set for a strong impulse movement.
Take profit is located at the Fibo level of 161%. This mark borders on a strong support level, so the best place to fix the trade there.
My early opinion about gold is attached for your reference.
We can also notice a strong resistance level, at which the zone of interest was formed earlier. This area coincides with the 61% Fibo level.
In my opinion, the best moment to enter a trade in sell will be near the resistance level.
Stop loss is set for a strong impulse movement.
Take profit is located at the Fibo level of 161%. This mark borders on a strong support level, so the best place to fix the trade there.
My early opinion about gold is attached for your reference.
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