Navigating Gold's Strong Bearish Move: Is a Correction up next?
As explained in my Sunday video, Gold is extremely bearish and the price could fall to 1805-1810 support.
Indeed, XAU/USD started the month and the week on a bearish note and is currently trading 300 pips lower compared to Friday's closing price.
Looking at the posted chart we can see that this is already the 7Th red day (not closed yet) and after the break under 1915 support, the price dropped almost without correction. Just an intraday spike on Friday.
All in all, we are in a very strong bear move
However, considering the magnitude of the drop and the proximity of an important support, a correction could follow.
Aggressive traders could look to buy in the support zone.
Keep in mind though that everyone is expecting a correction and a spike under 1800 to clear stops is not out of the question.
On the much safer side, sell rallies should be the strategy.
Indeed, XAU/USD started the month and the week on a bearish note and is currently trading 300 pips lower compared to Friday's closing price.
Looking at the posted chart we can see that this is already the 7Th red day (not closed yet) and after the break under 1915 support, the price dropped almost without correction. Just an intraday spike on Friday.
All in all, we are in a very strong bear move
However, considering the magnitude of the drop and the proximity of an important support, a correction could follow.
Aggressive traders could look to buy in the support zone.
Keep in mind though that everyone is expecting a correction and a spike under 1800 to clear stops is not out of the question.
On the much safer side, sell rallies should be the strategy.
📈 Forex & XAU/USD Channel:
t.me/intradaytradingsignals
💎 Crypto Channel:
t.me/FanCryptocurrency
🌟 Bust your trading with 50% deposit bonus:
secure.m4markets.com/links/go/5426
t.me/intradaytradingsignals
💎 Crypto Channel:
t.me/FanCryptocurrency
🌟 Bust your trading with 50% deposit bonus:
secure.m4markets.com/links/go/5426
İlgili yayınlar
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.