There are many reasons to short XAUUSD by technically analysis
4H chart shows double tops near 1340, H&S breakout DN, New phase of downward cycle.
There are two targets:
1) Horizontal support at 1314
2) Pink dotted line (base of channel) = same slope of H&S neck line
On the other hand,
Ichimoku analysis has not concluded a bearish pattern yet, but instead the market looks more sideway.
We can see a very strong support zone found between 1301.12 (base of green cloud), and 1308.91 (top of red cloud).
In conclusion, Gold will hit Target 1 first where the intersection of Fib Ext 78.6% and horizontal support and purple dotted line.
If there were more bearish, then it will drop into the strong support zone, target 2 will be applied.
4H chart shows double tops near 1340, H&S breakout DN, New phase of downward cycle.
There are two targets:
1) Horizontal support at 1314
2) Pink dotted line (base of channel) = same slope of H&S neck line
On the other hand,
Ichimoku analysis has not concluded a bearish pattern yet, but instead the market looks more sideway.
We can see a very strong support zone found between 1301.12 (base of green cloud), and 1308.91 (top of red cloud).
In conclusion, Gold will hit Target 1 first where the intersection of Fib Ext 78.6% and horizontal support and purple dotted line.
If there were more bearish, then it will drop into the strong support zone, target 2 will be applied.
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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.