Hello Traders, in my previous XAUUSD Ideas, I have advised you to BUY Gold at support near 1275. As you have noticed, that BUY trade went great and we managed to get more than 750pips. Now, I would like to draw your attention to a POSSIBLE SELL SET-UP in Gold.
As you can see XAUUSD has hit a RESISTANCE AREA on the daily chart(light crimson rectangle.)This is an area where price has reversed lower very sharply on previous occasions. So, depending on BEARISH PRICE ACTION, Traders can look for SELL between 1343-1348 with SL above 1352. TPs can be set at 1330, 1325.
I have also indicated the POSSIBLE SUPPORTs with Green lines in my chart.
As you can see XAUUSD has hit a RESISTANCE AREA on the daily chart(light crimson rectangle.)This is an area where price has reversed lower very sharply on previous occasions. So, depending on BEARISH PRICE ACTION, Traders can look for SELL between 1343-1348 with SL above 1352. TPs can be set at 1330, 1325.
I have also indicated the POSSIBLE SUPPORTs with Green lines in my chart.