XAUUSD: Gold dropping perfectly, remain bearish

2016-11-09 18:03    Exness

Sell below 1284. Stop loss at 1292. Take profit at 1262.

Reason for the trading strategy (technically):

Gold dropped perfectly from our selling area yesterday. We remain bearish below major resistance at 1284 (Fibonacci retracement, horizontal overlap resistance) for a push down to 1262. We tighten our stop loss to 1292 to protect yesterday's profits.

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

Gold

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