xau usd trading strategy for today
xau usd currently trading at 1671 with loss for today.on hourly chart trading below major averages and showing intraday downtrend.2 days back we seen bottom near 1662 and now bouncing back.on upside 1680 remain strong resistance for very short term view on hourly chart and below this may see downtrend may continue in next week also.on indicators side xau usd hourly macd formed rounding bottom on bounce back while rsi still facing strong resistance at 50.
traders must go short near 1675-1676 with stoploss just above 1681 and expect 1665 to 1660 in intraday session.
on daily chart xau usd or gold spot short term trend is down as trading below all averages.after breaking 3 month average not sustained on higher level and we seen sharp sell off+ profit booking.
on downside 1650-1640 remain as short term targets while 1670-1675 is fresh short entry zone with closing basis stoploss just above 1687.