XAUUSD - Double top or Long opportunity?
Gold - Intraday - We look to Sell at 1692 (stop at 1702)
Although an initial rally was posted, sellers emerged and follow through bearish momentum resulted in all the previous day's gains being overturned. This is negative for short term sentiment and we look to set shorts at good risk/reward levels for a further correction lower. With our medium term bias looking to buy dips and the short term bias indicating selling interest we are faced with mixed signals. Previous support located at 1662.
Our profit targets will be 1662 and 1650
Resistance: 1692 / 1700 / 1710
Support: 1672 / 1662 / 1650
Although an initial rally was posted, sellers emerged and follow through bearish momentum resulted in all the previous day's gains being overturned. This is negative for short term sentiment and we look to set shorts at good risk/reward levels for a further correction lower. With our medium term bias looking to buy dips and the short term bias indicating selling interest we are faced with mixed signals. Previous support located at 1662.
Our profit targets will be 1662 and 1650
Resistance: 1692 / 1700 / 1710
Support: 1672 / 1662 / 1650
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