Yesterday’s chart on XAUUSD
Gold have done bearish scenario where the price have broke below $1693.69 and touched near $1670.00. Now is located inside downtrend channel that was broken on May 29th.
Strong bullish Pinbar on the strong support line shows a lot of bulls power. It is candle formed because of sellers getting out and buyers ready to push the price back up.
This level acted as a strong support area in the past so it was expected to happen again.
Outlook for XAUUSD:
While the price is below $1693.69 we could see price staying down until breaks above. Until the price is below we should watch for bearish price action signals.
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The XAUUSD chart. Bullish Scenario:
Bulls need to bring the price above $1693.69 if the want to move higher. Now we have Pinbar that can be traded with take profit target near $1693.69. Stop loss should be below Pinbar low which is below $1670.00.
The XAUUSD chart. Bearish Scenario:
We are now in bears territory, and we should watch for the bearish price action signals. First could form around $1693.69 level. If that happens we could enter into sell and set stop loss around $1700.00 with profit target at $1681.58 and second target at $1670.00.
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