FX.co ★ king.zelda | XAU/USD, GOLD

#GOLD / Gold / XAUUSD H1

Based on the technical analysis of the currency pair on the H1 timeframe, I consider it appropriate to enter the market with a selling target. Why do I think that short trades will be relevant now? My main arguments are as follows: 1. The price is below the 200-period moving average (MA200), signaling a bearish trend. 2. In the second half of the previous day, the pair traded below the opening level and closed the trading day below it as well. 3. Price quotes during the day crossed the lower Bollinger Band from top to bottom, emphasizing the bearish sentiment and a higher probability of further decline. 4. In trading, I always pay special attention to the RSI indicator readings and avoid trades if it shows overbought conditions (above 70) or oversold conditions (below 30). Currently, the RSI does not oppose selling, as it is within an acceptable range. 5. I will set the take profit at the Fibonacci level of 211%, corresponding to a price of 2277. Then, after moving part of the position to breakeven, I will trail the stop loss to quotes located at more distant southern Fibonacci retracement levels.