In our previous analysis XAU/USD was trading at $1788 We expected a reversal after a bullish harmonic pattern had formed. We cautioned of a high possibility of a further move to the downside and this is what happened. Gold reached lows of $1769 triggering our Sell Stop at $1780 and hitting our TP at $1770 banking 200 pips over 20 positions on this trade order. We had an active sell order which we noted in our previous analysis which we had opened at $1810 which we also closed at $1770. In total we banked 1000 pips on Gold.
WHAT TO EXPECT:
Currently Gold is trading at $1786 Bullish Harmonic pattern has extended to $1770 Gold is currently struggling to break above $1790-$1785 range which was previous support for the pair. A break above $1790 will create a chance for Gold to go back to $1800 and try to break resistance at $1810. If Gold fails to break above $1790 we might see it being range bound between $1790-$1765 before a further move to the downside. A break below $1765, will allow the pair to test $1750 resistance/support level of June 2020
Note: All investments involve risk, our analysis and trading strategy does not guarantee future results or returns. Investors are fully responsible for any investment decisions they make.
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