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XAUUSD - Downward trend will continue, Short trade by market price recommended

March 23, 2022 8:22:25 AM by Alexander Zorevyk
Forecast Details
PairXAUUSD
Direction Sell
StatusClosed (1,935.0)
8:22
8:22
Mar. 23, 2022

-120 p
1,935.0
Stop Loss
1,923.0
Entry
+130 p
1,910.0
Target 1
Chart & Analyst Comments
main-sell-market-trend-1
  1. According to the most brokers’ data, more than half of the traders are currently in long positions on XAUUSD. As a result, we recommend considering only Short trades at this time.
  2. In this sideways movement, retail traders prefer to hold long trades. There seem to be a major player interest in an downward movement.
  3. When the price rises, a signal is formed (orange labels), which implies a downwards movement.
  4. Set Take Profit at the local low, beyond which there is a cluster of orders.
  5. We see an accumulation of loss buyers above the current price in the right Order Book. This cluster can act as a resistance.
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