Is XAUUSD ready to come down now?
Updated
The recent surge in gold prices has left a lasting impact, the reverberations of which are yet to fully dissipate. While intermittent spikes persist at lower timeframes, there are clear indications suggesting a potential deceleration in momentum. Are we witnessing the onset of a reversal, beckoning opportune moments for short positions?
Note
If considering a short position, it's prudent to approach it one stage at a time. From the current 5-minute perspective, breaching the overhead patterns and support levels would warrant an initial attempt to conquer the immediate lows or supply zones ahead.
Note
There are indeed many profit-taking levels eagerly anticipated below. However, let's exercise caution and refrain from impulsive actions. It's crucial not to hastily initiate substantial short positions at the slightest hint of a downturn. Remember, engaging in short positions at this juncture is trading against the prevailing trend.
Note
A retracement is currently underway. If fortunate enough to witness further downward movement, the first 'considerable' buying point lies around 2188. It's essential to remain vigilant for corroborating signals before confirming any long positions.
Of course, we must also entertain the possibility of prices declining further before resuming an upward trajectory. Let's not overlook this potential scenario.
Note
That's a lot of patience required isn't it? That's a lot of patience. A lot.
Order cancelled
Missed entry and price went very far away up.
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