XAUUSD: Gold just broke major support, turn bearish

2016-11-08 16:48    Exness

Sell below 1284. Stop loss at 1307. Take profit at 1262.

Reason for the trading strategy (technically):

Gold has broken a major support level at 1284 (Fibonacci retracement, horizontal overlap) triggering a double top reversal down to at least 1262.

RSI (34) has reacted off major resistance and has made a bearish exit signalling a reversal is in progress.

Gold

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