Going into next week’s trade, there will be a key resistance area in view for the XAU/USD:
Weekly 38% Retracement, 1867.25
Weekly EMA, 1870.62
Here's the trade:
1) Sell 1866.75
2) Initial Stop Loss, 1872.50
3) Profit Target, 5.75 @ 1:1 risk vs reward ratio
This market is in rotation. Selling the upper end of the four-week range w/resistance levels isn't a bad trade.
Weekly 38% Retracement, 1867.25
Weekly EMA, 1870.62
Here's the trade:
1) Sell 1866.75
2) Initial Stop Loss, 1872.50
3) Profit Target, 5.75 @ 1:1 risk vs reward ratio
This market is in rotation. Selling the upper end of the four-week range w/resistance levels isn't a bad trade.