This image show the daily time frame but if you look at the 4hr. you would see that price respected this level of resistance.
-Price also formed a double top, which is a bearish candlestick pattern.
-the two statements of above illustrates 2 confirmations that price is ready to make a bearish move.
-I am expecting price to sell off creating a pullback.
-I think price will pullback between the fib 50.0-61.8 levels and ultimately respect the area of support (the orange line).
-When price reach this area I will look for price to create a bullish candlestick reversal pattern and enter a buy.
-If price pullback to that area, depending on how you view it, you may notice price create an Inverse head and shoulders on a smaller timeframe.
-also keep in mind the DXY is in a downtrend. Gold and the USD move in opposite directions.
-long XAUUSD (gold) and bearish DXY
Like, Follow, Comment! if you see something different feel free to post your analysis below.
-Price also formed a double top, which is a bearish candlestick pattern.
-the two statements of above illustrates 2 confirmations that price is ready to make a bearish move.
-I am expecting price to sell off creating a pullback.
-I think price will pullback between the fib 50.0-61.8 levels and ultimately respect the area of support (the orange line).
-When price reach this area I will look for price to create a bullish candlestick reversal pattern and enter a buy.
-If price pullback to that area, depending on how you view it, you may notice price create an Inverse head and shoulders on a smaller timeframe.
-also keep in mind the DXY is in a downtrend. Gold and the USD move in opposite directions.
-long XAUUSD (gold) and bearish DXY
Like, Follow, Comment! if you see something different feel free to post your analysis below.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.