XAU/USD (GOLD) Correct downtrend.
Having reached an all-time high at the beginning of May, gold failed to consolidate at this level and we saw a strong downtrend formation all month long.
The trend is so beautiful that it can be published for beginners in technical analysis books
Apart from the trend, we can see how accurately the price pushes back from the moving average (100) and this is exactly the moment.
I suggest you use this moment for a short trade.
Entry point: 1960.50
Stop Loss: 1968.50
Take Profit 1: 1950.00
Take Profit 2: 1933.00
Remember gold can often be very volatile, do not trade in a hurry and do not forget about risk management.
Good luck my fellow traders!
Having reached an all-time high at the beginning of May, gold failed to consolidate at this level and we saw a strong downtrend formation all month long.
The trend is so beautiful that it can be published for beginners in technical analysis books
Apart from the trend, we can see how accurately the price pushes back from the moving average (100) and this is exactly the moment.
I suggest you use this moment for a short trade.
Entry point: 1960.50
Stop Loss: 1968.50
Take Profit 1: 1950.00
Take Profit 2: 1933.00
Remember gold can often be very volatile, do not trade in a hurry and do not forget about risk management.
Good luck my fellow traders!