Gold / XAUUSD – On the daily time frame this precious metal has broken below the uptrend channel and looks heavy at the moment.
The next downside target and support level can be seen at 1226.44 and below that 1216.59.
1244 is first topside resistance.
If price moves back up and into the channel, it nullifies all bearish outlook.
At the moment, stochastic is still pointing down. Downward momentum might persist in the near term.
Take note: Keep your losses at 2% and do practice proper risk management in these Trump led movements in the market.
To your success!
Pro Trader & Trading Coach
Want to know how we would trade this setup and all future setups? Join us as a Premium ForexAchievers Member! ===> Click here!
Learn to use Technical and Fundamental Analysis in our Startup Guide & start making Pips!
Join us as a Basic ForexAchievers Member and get the 6 Modules FOREX NINJA STARTUP GUIDE plus Gain Access to the PROTECTED SECTION of the GLOBAL MARKET REVIEW posts!