XAU/USD downtrend intact, will sell the rallies
Hello traders, if you have been following me over the last few weeks,
you already know that I sold Gold at 2004 level around a week
ago when prices spiked up. Since then, I have been selling the rallies.
Profit has also been taken on the previous sell@1965 and closed at 1938.
Currently, in the 4-hour chart, the price action is still bearish. In fact, the focus
has now shifted to the 1920 key level. However, I am not putting any new sells
at this level. In case Gold spikes to the 4-hour resistance around 1960, I would
consider placing fresh sell again.
you already know that I sold Gold at 2004 level around a week
ago when prices spiked up. Since then, I have been selling the rallies.
Profit has also been taken on the previous sell@1965 and closed at 1938.
Currently, in the 4-hour chart, the price action is still bearish. In fact, the focus
has now shifted to the 1920 key level. However, I am not putting any new sells
at this level. In case Gold spikes to the 4-hour resistance around 1960, I would
consider placing fresh sell again.
Note
Lack of volume keep the price ranges low for trading, however chances of a fall to 1920 is increasingNote
Still waiting to see if we can get a spike to 1958-1960Note
Placed sell limit1958Note
CPI data later today can lead to some volatility
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Related publications
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.