XAUUSD: in the process of forming and continuing downtrend
In the early morning, the price surged to 1216 but then slumped back under 1212, 50% Fibo retrace.
I still consider the main trend of the Gold to be downtrend. As previously, the price found support at 1160 and then went upwards to 1243, which we can see from the chart that, 1235, which is the 38.2% Fibo retracement of the downtrend that began from April 2018, provided strong resistance up there.
And then the price went down to recent 1196, shows the price is still in the downtrend.
Looking forward to a decent mid-term entry between 1212 and 1215.
Stop loss above 1222.
Take profit around 1182.
I still consider the main trend of the Gold to be downtrend. As previously, the price found support at 1160 and then went upwards to 1243, which we can see from the chart that, 1235, which is the 38.2% Fibo retracement of the downtrend that began from April 2018, provided strong resistance up there.
And then the price went down to recent 1196, shows the price is still in the downtrend.
Looking forward to a decent mid-term entry between 1212 and 1215.
Stop loss above 1222.
Take profit around 1182.
註釋
opened position at 1215. Active
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