Welcome back, guys! I’m Skeptic, and today we’re analyzing XAUUSD.
In my previous analysis, our long trigger at 2994.16 was activated, and by now, you should be sitting on an R/R above 5. The major trend on the daily timeframe is still uptrend, but we’re sensing more trend weakness than ever.
⚠️ This doesn’t mean we skip a long position when our trigger activates—just that we should manage risk more cautiously.
On the 1H timeframe, it seems we’ve formed an upward channel, with clean reactions to the mid-line, ceiling, and floor. It’s worth noting that during the formation of this channel:
This indicates reduced trader interest in maintaining the bullish channel and hints at potential trend weakness. Considering all this, we have a slight short bias today, meaning we might assign a bit more weight to the short side.
Short Setup:
Trigger: Break below 3024.52 (coinciding with RSI entering the oversold zone)
Long Setup:
Trigger: Break above 3057.64
Thanks for sticking around! Let me know your thoughts, and see you in the next analysis! 💪🔥
Happy Eid to all my Persian friends! <3 :)))
In my previous analysis, our long trigger at 2994.16 was activated, and by now, you should be sitting on an R/R above 5. The major trend on the daily timeframe is still uptrend, but we’re sensing more trend weakness than ever.
⚠️ This doesn’t mean we skip a long position when our trigger activates—just that we should manage risk more cautiously.
On the 1H timeframe, it seems we’ve formed an upward channel, with clean reactions to the mid-line, ceiling, and floor. It’s worth noting that during the formation of this channel:
- RSI has been declining
- ADX is also decreasing
This indicates reduced trader interest in maintaining the bullish channel and hints at potential trend weakness. Considering all this, we have a slight short bias today, meaning we might assign a bit more weight to the short side.
Short Setup:
Trigger: Break below 3024.52 (coinciding with RSI entering the oversold zone)
Long Setup:
Trigger: Break above 3057.64
Thanks for sticking around! Let me know your thoughts, and see you in the next analysis! 💪🔥
Happy Eid to all my Persian friends! <3 :)))
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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.
Related publications
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.