GOLD SELL

28 sept 2017

XAUUSD was in strong uptrend from July. Price was growing almost 2 months with short stop at resistance line near at 1295-1300. A lot of traders was expecting than price fall into 1220 level and XAUUSD stay in cosolidation. Price finally broke resistance and went into 1360 where supply dominated. Price went back to support at 1300 where we can observe attempt to go up. All big movement up in 25 september was deleted by sellers in the next session, so we conclude that supply is in the lead. Price is between support line at 1200 and resistance line at 1300. We are expecting that price will continue declining. The first target is at 50% distance between support & resistance. The second target is near support line at 1200-1220.