The price of XAUEUR dropped below the second stage
The Gold price has been in a downtrend for several days now. After the price fell sharply, it was in a sideways movement for a long time. But this sideways trend was in a certain channel and not growing. Yesterday the price fell one notch lower and broke through the support level of this channel. Now the support level has turned into a resistance level and the price can go down one more notch. If the level of 1472.00 is broken soon, then it will be possible to open a short position to the flat level of 1460.00. If you look at the daily chart, you will see a technical analysis pattern called Head and Shoulders. This is a reversal pattern and in our case it indicates a possible further price drop.
Order Type: Pending Order - Sell Stop
Entry Price at 1472.00
Take Profit at 1460.00
Pips Earning: 1200
The profit can be $1200.00 if the trading volume of 100 Tr. Oz.