GOLD/XAUUSD - Stepping Down

26 בספט׳ 2020

It is rare to see XAUUSD respect descending structure like this as it tends to be a pair that likes to move erratically. If the price continues to step down in a respectful manner, I will be looking to sell after the break and retest as illustrated. I will be closely monitoring the DXY if I consider trading this as it plays a huge role in golds movement. Now that we have broken to the upside on the DXY we may see further downside on XAUUSD to follow.

COT Data - 63% Long