Hello my dear fellow community members,

The XAUUSD has broken below from a rising trendline. The price has already fallen by more than 30 USD. A pullback is anticipated to sell it again. Here is the chart showing the setup.

GOLD DAILY CHART


From the chart above we can see that

  • MACD is positive and falling and histogram suggests further weakness.
  • RSI is trending downward.
  • Stochastics is against our sell entry. So I shall be cautious.

I am looking for pullback to enter SHORT.
Any comments or suggestions about the setup are welcome.
Happy trading.
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