XAUUSD GOLD SPOT Technical Analysis: Reaching channel top!
Updated
From the H1 and H4 Time Frame we can see gold faithfully following an ascending channel as a major trend, with the support line shown in light blue and major resistance lines in yellow (dotted and non-dotted).
Short Term BULLISH + Mid Term BEARISH:
I expect to see Gold moving up a little more for a slightly extended BUY opportunity, however, will expect a pullback from the resistance lines @ 1778-1788 USD/troy ounce region. Historically gold has been respecting this levels quite well, being rejected strongly for 3 times since, pulling back all the way to the bottom of the ascending channel line (blue line). During the pullback expect a consolidation phase at the nearest support level @ 1750-1760 region.
# Note: There's a chance the bullish momentum may bring GOLD above the channel, from there we would expect a breakout to 1800 and up for a BUY --> Observe whether GOLD gets rejected by 1788 region
For the short opportunity from the channel top:
I would advice watching H4 or H1 Heiken ashi, gold follows momentum pretty well.
Watch for reversal signs in the VOLUME BARS as confirmation. (etc. green bars dropping and next 2 bars are red)
Trade carefully, with stop loss above the channel line for the short opportunity.
As usual, feel free to like and follow if you like what I shared = )
Regards,
GOL D ROGER
Short Term BULLISH + Mid Term BEARISH:
I expect to see Gold moving up a little more for a slightly extended BUY opportunity, however, will expect a pullback from the resistance lines @ 1778-1788 USD/troy ounce region. Historically gold has been respecting this levels quite well, being rejected strongly for 3 times since, pulling back all the way to the bottom of the ascending channel line (blue line). During the pullback expect a consolidation phase at the nearest support level @ 1750-1760 region.
# Note: There's a chance the bullish momentum may bring GOLD above the channel, from there we would expect a breakout to 1800 and up for a BUY --> Observe whether GOLD gets rejected by 1788 region
For the short opportunity from the channel top:
I would advice watching H4 or H1 Heiken ashi, gold follows momentum pretty well.
Watch for reversal signs in the VOLUME BARS as confirmation. (etc. green bars dropping and next 2 bars are red)
Trade carefully, with stop loss above the channel line for the short opportunity.
As usual, feel free to like and follow if you like what I shared = )
Regards,
GOL D ROGER
Trade closed: target reached
SELL trade closed for PROFIT :)Performed as forecasted
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