XAU/USD keeps falling down

XAU/USD keeps falling down

Trade idea

SELL 1300; TP 1275; SL 1307

Last week XAU/USD made the biggest weekly decline since August. Pay attention to higher timeframes: a “shooting star” candlestick was formed on the MN timeframe after the 4 months of growth. It seems that the gold is finally into the bearish correction.

The weekly pivot point is located at 1305. Sellers will dominate as long as the precious metal is trading below this level. The targets lie at 1278.25 (weekly pivot S1) and 1275 (38.2% Fibo retracement of the August-February advance).

XAUUSD d1.png

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