XAUUSD Potential Short Breakout
Hello traders!
Looking at the chart. I have analyzed the relative price level where price usually rejects or stabilizes (the red line), the orange line at the bottom is the support, showing that it is slowly going up.
Anyway I assume that price of XAUUSD will short from present price to the 1600 mark. I say this because price of gold looks very unstable as it has reached its peak (RSI) meaning it is very over-bought.
Hope this opens some of your eyes on a analysis that I feel confident on.
However, only time will tell...
If you have any comments or suggestions please comment and I will be sure to get back to you!!
Looking at the chart. I have analyzed the relative price level where price usually rejects or stabilizes (the red line), the orange line at the bottom is the support, showing that it is slowly going up.
Anyway I assume that price of XAUUSD will short from present price to the 1600 mark. I say this because price of gold looks very unstable as it has reached its peak (RSI) meaning it is very over-bought.
Hope this opens some of your eyes on a analysis that I feel confident on.
However, only time will tell...
If you have any comments or suggestions please comment and I will be sure to get back to you!!
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