XAUUSD Weekly View: Remain bearish testing major resistance
Sell below 1250.00. Stop loss at 1310.00. Take profit at 1125.00.
Reason for the trading strategy:
We remain bearish below 1250 resistance (Fibonacci retracement, Fibonacci extension, horizontal overlap resistance) for a push down to 1125 support (swing low support, Fibonacci extension, Fibonacci retracement).
RSI (34) has made a bullish exit and warns off a potential further rise.
Stochastic (21,5,3) is seeing major resistance at 94% where we expect a reaction from.
Reason for the trading strategy:
We remain bearish below 1250 resistance (Fibonacci retracement, Fibonacci extension, horizontal overlap resistance) for a push down to 1125 support (swing low support, Fibonacci extension, Fibonacci retracement).
RSI (34) has made a bullish exit and warns off a potential further rise.
Stochastic (21,5,3) is seeing major resistance at 94% where we expect a reaction from.
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