XAUUSD ready for next impulse
Updated
Hi guys,
Here we have Gold finishing a falling wedge after trying to break the formation twice, one time to the down-side and another to the up-side. On both situations it ended up falling back inside the pattern. At the time of writing price is at 1855, level that served as support for price several times before. Now testing it as resistance. Now, if buyers doesn't show up i believe we could see another drop to the latest lower point, around 1775 and it would be probably a great place to buy since my overall opinion about gold is that its going up. If buyers do show up and we end up seeing a nice break and re-test we could enter a position aiming 1960 as first target and the last higher high of 2060.
What do you think? Leave a comment!
Hope you had a great start of the week and thanks for reading this far! Please, dont forget to like as sign of support for my work!
Here we have Gold finishing a falling wedge after trying to break the formation twice, one time to the down-side and another to the up-side. On both situations it ended up falling back inside the pattern. At the time of writing price is at 1855, level that served as support for price several times before. Now testing it as resistance. Now, if buyers doesn't show up i believe we could see another drop to the latest lower point, around 1775 and it would be probably a great place to buy since my overall opinion about gold is that its going up. If buyers do show up and we end up seeing a nice break and re-test we could enter a position aiming 1960 as first target and the last higher high of 2060.
What do you think? Leave a comment!
Hope you had a great start of the week and thanks for reading this far! Please, dont forget to like as sign of support for my work!
Note
A lot of pressure to the up-side. Still waiting for an entry.Note
First entry at 1790. SL at 1750. Might add more position if price goes lower, as long as it doesn't close the candle below 1765.Note
SL to break-even on first entryNote
Closed half-position.Note
Full positions closed!Note
So price did not make it above the falling wedge, going down to 1780! We could see another bounce here like the last time, but this time is more risky! Adding a small position here with SL at 1760! If this lvl doesnt hold we could see price going further down to maybe 1670!
Good luck everyone
Note
Btw this new position its entry is 1783Note
Closing position now, at 1808
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