XAUUSD Price Action Analysis – 29th Mar 2018
XAUUSD had a strong Bearish move yesterday. The H4 chart suggests that the price might come further down. Today’s first two H4 candles came out as Bullish candles, but a significant level of Resistance is held. The current H4 candle seems to be a strong Bearish one. If this candle really comes out as a Bearish candle and makes a breakout towards the South, then we might get an opportunity to sell XAUUSD and make some green pips. Let us find out the level of breakout and the Resistance level. Have a look at this chart.
See after being Bearish, XAUUSD produced two Bullish H4 candles. The level of 1327.70 has come into play and acts as a level of Resistance. This is the level where price reacted before. Now if the current candle keeps going towards the downside and makes a breakout at the level of 1323.50, then we would wait for a little correction up to the level of 1323.50. To take the entry, we wait for an H1Bearish Engulfing candle to be produced right at that level. Let us have a look at the summary of the trade…
- Sell Stop Order: 1323.50
- Stop Loss: 1327.70
- Take Profit: 1309.00
- Validity: 72 hours
- Whenever possible, move the stop loss to the entry price and whenever you want, you can take profit anytime as long as you feel comfortable
With most of the brokers, XAUUSD’s spread is high. However, the movement of XAUUSD is quite good as well. Thus, at the end of the day, trading in XAUUSD is lucrative. Another good thing about trading in XAUUSD is XAUUSD normally does not get affected by so-called “High impact news events” unless it really is a very high impact news event.
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