Correction, retest of broken trendline, bear attack...?
For several days, the Gold (XAUUSD) commodity has been on a continuous strong attack of bears despite the US Dollar weakness.
The bear attacks has lead the commodity to break its daily ascending trend line within a single day. Now the question is whether the price will continue its downside or will the following days show that it is a false breakout? My Take Profit point has missed twice, and today's price action (and the following days), will show where the prices will head to.
It is also something to keep in mind that it is freshly below the 200 sma, a long-term trend indicator. A retest of the daily ascending trend line may give a clear and tight entry for more dips.
The bear attacks has lead the commodity to break its daily ascending trend line within a single day. Now the question is whether the price will continue its downside or will the following days show that it is a false breakout? My Take Profit point has missed twice, and today's price action (and the following days), will show where the prices will head to.
It is also something to keep in mind that it is freshly below the 200 sma, a long-term trend indicator. A retest of the daily ascending trend line may give a clear and tight entry for more dips.