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Gold has long term been bearish and is currently in a bearish channel , on the weekly and daily.
Even though that we can see on the smaller timeframes that XAUUSD made a retracement upwards, respecting a bullish trend line , it could also possibly be peaking above 61,8% Fib-level right now.
Meanwhile we can also see a rising wedge pattern being formed ( Bullish pattern ).
Together with the strong resistance at $1900 we can adjust a tight SL on this one and hope to see a nice 30pip fall down to $1860.
Entering at: 1988
SL: 1902,5
TP: 1862
ESTIMATED R:R : 1:9
Even though that we can see on the smaller timeframes that XAUUSD made a retracement upwards, respecting a bullish trend line , it could also possibly be peaking above 61,8% Fib-level right now.
Meanwhile we can also see a rising wedge pattern being formed ( Bullish pattern ).
Together with the strong resistance at $1900 we can adjust a tight SL on this one and hope to see a nice 30pip fall down to $1860.
Entering at: 1988
SL: 1902,5
TP: 1862
ESTIMATED R:R : 1:9
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