XAUUSD Trade Idea
- The price has been dropping since last August, forming this bulish parallel channel. Last week it bounced when it reached the bottom trend line of the channel, at the same time that it arrived to a strong support level at 1680.00.
- On Friday we saw an engulfing candle, this may indicate a trend change, however, there is still a lot of resistance to be broken before we can talk about an uptrend.
- Here in H1 chart we can see:
1.- Bearish trendline breakout
2.- Strong resistance breakout 1710
We want to catch a pullback. We'll need a little retest in 1710.00, only then we will entry.
- On Friday we saw an engulfing candle, this may indicate a trend change, however, there is still a lot of resistance to be broken before we can talk about an uptrend.
- Here in H1 chart we can see:
1.- Bearish trendline breakout
2.- Strong resistance breakout 1710
We want to catch a pullback. We'll need a little retest in 1710.00, only then we will entry.
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