XAU USD - A STUDY.

Previous High : 1232

8.618 of My level is : 1235.

1235 is resisted  on a downtrend failing to reach level 8.

Recent high : 1191.40

9.236 of My level is : 1191.95.

1191.40 is resisted on a downtrend  failing to reach level 9.

Previous low is : 1077.

1077 is supported by level 11 of  1073.50.

QUARTERS always be turning points.

Hence level 11 cannot be turning point.

After 9, the Trend  turning point might be level 12.

So logically I am looking at level 12 for support.

Level 12 support is  1009.

I am adding cushion 4 $ and spread 0.5 $.

My target now is 1013.5.

Now I will discuss where we can enter our shorts.

Level 11 support and Level 9.236 resistance.

Obviously level 10 cannot be reached.

Ideal levels 10.618 , 10.382 might be strong resistances.

10.618 = 1098.40
10.382 = 1114.10.

Out of this I prefer 1114.10

When this is set, add cushion 4 $ and spread 0.5 $ (1114.10- 4.5) = 1109.6

Shorting level : 1109.6
Target : 1013.5

Stoploss discussion :

Level 10 is the stop.

1131.80 is level 10.118 Stop.

Add cushion 4 $ and spread 0.5 $ ( 1131.80+4.5) = 1136.30.

Now clear situation is

XAU USD :

Sell 1109.60 Target 1013.50 Stoploss 1136.30