I am bearish on this pair. Here's how I will trade the pair. I will wait for a pullback towards the 1290.90/12.95.70 zone before looking for a sell trading opportunity. This zone is the immediate minor resistance and is in confluence with the 38.2/50 Fib zone of the most recent significant swing on the H4 time frame .
I may be wrong. Trade safe and prosper.
KP
I may be wrong. Trade safe and prosper.
KP
DislikedHere's a top-down technical outlook on XAU/USD (GOLD). The bearish rejection candlestick, in the shape of a pinbar, formed on the monthly time frame last month gives a high probability of a southward orientation on this pair. This candlestick was formed around a significant resistance zone. A support trendline (chocolate colour) is noticeable on the monthly time frame, but price action is too far from the trendline. We may expect price action to move towards retesting the trendline in the weeks ahead. On the weekly time frame, a bearish continuation...Ignored
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