This suggests we may see a short term pullback into the consolidation lows or into the higher time frame lows of $1665.00 and resistance. A bearish rejection at these levels could invite the current sellers an opportunity to add to their positions. Gold is below 50 SMA on daily time frame.
Consider the following instructions when you make a new trade on xauusd trading strategy today-
- Following yesterday’s bullish candle, the overall trend higher looks set to reverse today.
- Price continues to trade within the triangle formation.
- The bias is to break to the downside.
- A clear break of 1662.54 and we would look for further losses to 1638.
