1767 breakout is the way in for Bears
Let us analyze XAUUSD in the perspective of supports and resistances today. Currently, we are being resisted at a major resistance zone between 1795-1806. If we break higher than here, we might see it targeting the range of 1843-83. To see a proper approval of the higher levels this current resistance zone must break. However, let us now analyze a counter possibility about where we might be heading if the resistance zone is to retain:
1- 1767 is by far the most important price to expect a bearish rally retracement, if we managed to break it without compromising the resistance zone of 1795-1806, we will be having a double tops scenario with targets projecting towards the region 1735-44.
2- 1735-44 is also a local supply range, which needs to break to expect lower target zones between 1703-1716.
3- Going lower than 1703-16 our next target zone is 1665-81
4- If 1665 is compromised, there is no way we cannot expect ground zero at 1614-1625
5- Right now, we are looking at a neutral picture, waiting for what side breaks i.e. 1767 or 1806
That is all for today folks! Happy trading and happier profits :-)
1- 1767 is by far the most important price to expect a bearish rally retracement, if we managed to break it without compromising the resistance zone of 1795-1806, we will be having a double tops scenario with targets projecting towards the region 1735-44.
2- 1735-44 is also a local supply range, which needs to break to expect lower target zones between 1703-1716.
3- Going lower than 1703-16 our next target zone is 1665-81
4- If 1665 is compromised, there is no way we cannot expect ground zero at 1614-1625
5- Right now, we are looking at a neutral picture, waiting for what side breaks i.e. 1767 or 1806
That is all for today folks! Happy trading and happier profits :-)
Note
Gold daily timeframe printed a bearish engulfing + Falling three Methods pattern yesterday, which is a good omen for bears. Best of Luck! :-)
Trade active
first demand zone hit, looking for breakout from 1767 to add more entries
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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.