Gold Idea - Awaiting Breakout Confirmation
Hi traders.
On the 1H XAUUSD chart, price appears to be compressing into a structure, of which it could possibly break out of. I expect possible movement within this structure for a couple of hours.
RSI seems heavily overbought so I would consider any shorts for this trade, BUT due to current market news with regards to a recession, I would ONLY ENTER UPON CONFIRMATION OF A BREAKOUT.
I think it would be nice to see price retrace slightly lower but this depends on how the European/London session plays out in the morning (it's a bank holiday, so lets see what happens).
This is just technical analysis . Do not follow this trade blindly!
If you managed to read it this far down, thanks for reading this! If you could, please do offer your ideas & perspectives on this pair. Buy or Sell and why? Additionally, drop me your charts for it, that'd be great so I can see where you are coming from.
Please drop a follow! I need reputation points!!
On the 1H XAUUSD chart, price appears to be compressing into a structure, of which it could possibly break out of. I expect possible movement within this structure for a couple of hours.
RSI seems heavily overbought so I would consider any shorts for this trade, BUT due to current market news with regards to a recession, I would ONLY ENTER UPON CONFIRMATION OF A BREAKOUT.
I think it would be nice to see price retrace slightly lower but this depends on how the European/London session plays out in the morning (it's a bank holiday, so lets see what happens).
This is just technical analysis . Do not follow this trade blindly!
If you managed to read it this far down, thanks for reading this! If you could, please do offer your ideas & perspectives on this pair. Buy or Sell and why? Additionally, drop me your charts for it, that'd be great so I can see where you are coming from.
Please drop a follow! I need reputation points!!
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