Home Forex Market Analysis Forex Signals Gold: Moving South Below the 50-Period SMA

Gold: Moving South Below the 50-Period SMA

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XAUUSD had a bounce off its lows that began on Jun 15 at 13:00 the bounce re3ached the $1730 level and began to move sideways, making lower lows. The last interaction made an evening star with a large bearish candlestick. We think this is a good short setup to scalp with a target at the current 200-hour SMA for a nice and fast reward. The R/r factor is just 1 but the odds of the pair going south are very high, which makes the trade appealing. We see also that the Stochastics made a crossover to near the middle of the range, suggesting an increased bearish momentum.

Trade Setup:

Entry: 1,724.64

Stop-loss: 1,734.64

Take profit: 1,714.64

Reward/Risk: 1

Risk: 100 pips which is $1000 per XAUUSD Lot, or $10 on a micro-lot. The reward is identical as the R/r =1

 

 

 

 

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