Hi there,
XAUUSD is currently testing the resistance area at 3017.221. If the price manages to break through this level due to the current bullish pin bar, we might see a test of the 3113.453 area.
However, the price as shown by the indicator suggests that the resistance area is strong, and we may see a push lower to test the break of structure 1, possibly nearing 2921.243, before turning bullish.
Overall, the current trend is bullish, but the market trend is bearish. If the price falls sharply to break (HH1) and forms a lower high below it, then (H) might be broken. If the initial high, the third high from (3), fails to hold, then the trend will reverse.
The current candle bias, however, is neutral or cautious.
Happy Trading,
K.
Not trading advice.
XAUUSD is currently testing the resistance area at 3017.221. If the price manages to break through this level due to the current bullish pin bar, we might see a test of the 3113.453 area.
However, the price as shown by the indicator suggests that the resistance area is strong, and we may see a push lower to test the break of structure 1, possibly nearing 2921.243, before turning bullish.
Overall, the current trend is bullish, but the market trend is bearish. If the price falls sharply to break (HH1) and forms a lower high below it, then (H) might be broken. If the initial high, the third high from (3), fails to hold, then the trend will reverse.
The current candle bias, however, is neutral or cautious.
Happy Trading,
K.
Not trading advice.
Trade closed: target reached
That is fine
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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.