Home Forex Forex Market Analysis XAUUSD short idea, May 7th, 2018

XAUUSD short idea, May 7th, 2018



XAUUSD is currently resting right against an important angle that is acting as resistance (the 5×1 angle). Considering the square that we are trading in, we are trading significantly above the current 45-degree angle. A violent snap back (fast selloff lower) should be expected. Additionally, we are trading in a very textbook example of a bear flag. The continued strength of the dollar should continue to drive gold lower here and another leg down is certainly a strong probability. There is little risk associated with this trade and significant possible profit.


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