Technical Analysis

XAUUSD made a double top on the 4hr at a strong resistance level. This level also coincides with MR2 (Bulls profit taking zone). I'll watch the price action closely before jumping into this trade as it was tricky trading Gold the past few days.

If price consolidates around the trendline, I'd look to go short at the break of the trendline, with short term profit target MPP and long term target at 161.8% Fib Level.

Otherwise, if price break to the upside, there could be a small buy setup , but I'm not interested in the buy, as it could be short-lived and risk to reward on that trade would be terrible.

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