XAU/USD - Trend line break down?

1 giu 2016

Looking at the 4hr XAU/USD chart, I saw a nice bearish outside bar (BEOB) right at the longer term descending trend line. We had a small false breakout and a strong close below. To me, this indicates a move lower with the overall trend. I entered on a retrace to around the 50% Fibonacci retrace which is something I don't usually incorporate. I'm hoping we break through the lower band rising trend line and continue lower.

Confluence:

- Descending TL
- Fibonacci level
- BEOB
- Minor support/resistance @ 1215 level