NDOG on Gold USD signals the Daily Bearish Pennant activation
XAUUSD is forming a bearish New Day Opening Gap on the daily chart, activating the last Thursday pennant of a continuation of the recent downtrend.
I explained this setup in my previous published on XAUUSD.
XAUUSD that you can review on the link below.
Technical Setup:
On the Daily chart you can see how the price action took the liquidity above the historical previous Daily fractal High during the Manipulation phase on last Friday.
The Asian session is now in the Distribution phase.
Key Levels to Watch:
The today's NDOG may be filled or not.
To the downside 2645, 2625, and 2606 are price levels to watch on the way to the current 2604 Lower Low.
Downside Breakout: A breakdown below would confirm a bearish continuation, with further downside targets around $2,585, $2,578 then $2,560.
I explained this setup in my previous published on XAUUSD.
XAUUSD that you can review on the link below.Technical Setup:
On the Daily chart you can see how the price action took the liquidity above the historical previous Daily fractal High during the Manipulation phase on last Friday.
The Asian session is now in the Distribution phase.
Key Levels to Watch:
The today's NDOG may be filled or not.
To the downside 2645, 2625, and 2606 are price levels to watch on the way to the current 2604 Lower Low.
Downside Breakout: A breakdown below would confirm a bearish continuation, with further downside targets around $2,585, $2,578 then $2,560.
Note
Erratum
The current price action suggests the Asian session to be the Manipulation step after the Friday's accumulation step.
Here's a chart to illustrate
Trade active
Here's a H4 chart with the Comprehensive market Analyzer to assist with an Short level at 2661.
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