XAUUSD WEEKLY UPDATE.

XAUUSD
In daily time frame price closed below 61.8% ( price drop is possible. )
Also the trend is bearish... risky to buy !
RSI broke the trend line. ( the trend might change direction )
- -DI and +DI are crossing each others but ADX line is < 25 . ( still in range )
So it's possible for price to break the bearish channel.
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On the other hand if we are in third wave of Elliott, we should wait for price to break this bearish channel.
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Here is my daily chart.
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we have a triangle in H4 time frame and we are in bullish trend as shown in DMI and ADX.
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- So if you want to go long in intrady time frames only buy if price closed above the previous high at 1896.18$
- If price drop below previous swing low ( 1871.77$ ) and break ~1860.00$ support area this week, we can set up for short.
1900.00$ is an important area...
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be the casino not the player ;)