XAUUSD – Spot Gold Fakey Setup Update
In last Thursday’s commentary, we discussed the potential for the Spot Gold market to continue losing ground after moving lower from a bearish fakey setup that had formed last Tuesday in the market. We can see in the daily chart below that the market broke significantly lower today as selling pressure picked up. This recent move lower from the fakey strategy we talked about last week has now provided traders with a very nice risk reward potential if entered near $1670.00 – $1680.00 with a stop above $1685.00 as we discussed in recent commentaries. The market is now moving down towards the key $1635.00 – $1625.00 support zone and we could see it stall there and then consolidate or rotate higher back towards resistance.
In the 4 hour Spot Gold chart below, we can see the market showed some obvious signs it wanted to move lower by forming multiple bearish rejection tails just prior to today’s big sell-off. I discussed the potential for this market to move lower from this bearish price action in the members forum on Friday.
Source:
http://www.learntotradethemarket.com
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