Hello traders. How are you all. Hope everyone is doing well.
So here we have a small short setup for XAU/USD(GOLD) pair. As we can see that the price shows a good movement today during Newyork session. And now the price has closed just under the resistance. We can expect a sell trade from this level. Tps are mentioned in the picture. SL : 1775
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Gold is still at the highs for wave C) of D and looks like it's still unfolding a five-wave cycle of the lower degree, so there's a chance for another intraday leg up towards 1900 area before it finds the resistance.
Back in August Gold made nice and impulsive rally away from 1685 lows, as seen on the 4-hour chart that we labeled as first leg A) of a three-wave recovery within higher degree wave D. Well, the current decline should then be wave B) which looks to be a complex…