I'm holding XAUUSD short as on the daily timeframe we can see nice retracement into the 'Golden Pocket' area. At the moment price is interacting with the 50 ema however on the lower timeframes this has already been broken. Should the daily candle close over the 50 ema I will remain bearish on this trade whilst monitoring pice action around the 1540 area. Should price then continue through the trend line my target will be the -27% fib around 1383.
Gold is highly volatile at the moment so anything could change here, I will be keeping my SL tight and moving to entry shortly as I am now over 1% in profit.
Gold is highly volatile at the moment so anything could change here, I will be keeping my SL tight and moving to entry shortly as I am now over 1% in profit.