XAU/USD is testing support

XAU/USD is testing support

2019-11-11 • Updated

Trade idea

SELL 1316; TP 1309; SL 1319

BUY 1322; TP 1326; SL 1320

XAU/USD formed a pin bar on W1 — such candlestick usually marks a reversal to the downside. On H4, the price has already formed a lower high and is testing support line from November in the 1318 area. The decline below this support will confirm a “Double top” and send gold towards 1309 (200-period MA).

The return above 1321 is needed to open the way back up to 1326 and 1330.  

XAUUSD.png

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