Very nice trend continuation setup on XAUUSD. This is definitely a longer term hold, but if you have the discipline and patience to hold on to it, this could be a very good trade.
Price action is putting in a double top right at the 38.2 Fibonacci retracement level which happens to line right up with a nice support level to the left. Now we know structure acts like a magnet, so if this level will hold, my prediction is that we will roll over and continue lower ultimately reaching 1054.00
Now before I get a bunch of comments about how crazy I am due to some fundamental reason or analysis, just know that this is a prediction based purely on the technical of the chart in front of you and nothing else.
As always follow your plan
Good luck and Good Trading!
Price action is putting in a double top right at the 38.2 Fibonacci retracement level which happens to line right up with a nice support level to the left. Now we know structure acts like a magnet, so if this level will hold, my prediction is that we will roll over and continue lower ultimately reaching 1054.00
Now before I get a bunch of comments about how crazy I am due to some fundamental reason or analysis, just know that this is a prediction based purely on the technical of the chart in front of you and nothing else.
As always follow your plan
Good luck and Good Trading!