XAUUSD shorting a major trendline pullback

XAUUSD seems to have hit a major trend line causing it to pullback significantly. The current sell-off is merely a temporary correction, which once finished will resume the gold rally which had begun previously earlier. This rally should have the strength to break past the major trend line, causing gold to rally up to the predicted $1300 levels. If the sell-off continues with no buyers entering, then there will perhaps be an alternate continuous bearish trend for the commodity, with prices falling below the previous bottoms from before.

Yorum:

It's actually fallen at some support, and there's a strong chance that the entry/exit for this trade are going to be invalid soon.