XAUUSD - Up Channel and H&S Neckline broken
Alright guys, Mid-term elections are finally over and USD is finally regaining the investors confidence. Right now we will be looking for the short entries for the next week. Here are my reasons to go short and look for selling positions:
1- The Up-channel that we have seen so finely observed and maintained has finally broken so we can deem 1786.53 as the election move top therefore, we can consider our Fibos 0 and 100 levels at 1616 and 1786.53. It will help us determine the lower potential mathematical supporting and resisting levels.
2- The Head and shoulders pattern confirmed yesterday (18/11/2022) which is also a reversal symbol and possibly heading low.
3- Right now we are looking for a range targets between 1720-30 but the actual range is between 1703-1730.
4- Right now we have bounced exactly off 0.786 retracement level around 1747, so I would be looking for a bearish H4 to go short on Monday possibly.
There we have two PAs in one picture that bolster my opinion about going short on gold. Best of luck and happy trading! But dont carried away, I am a human too and like any other human I am liable to mistakes therefore, take extra care of your capital while you follow my analysis.
Note: This analysis is invalid if we break the top at 1786.53!
1- The Up-channel that we have seen so finely observed and maintained has finally broken so we can deem 1786.53 as the election move top therefore, we can consider our Fibos 0 and 100 levels at 1616 and 1786.53. It will help us determine the lower potential mathematical supporting and resisting levels.
2- The Head and shoulders pattern confirmed yesterday (18/11/2022) which is also a reversal symbol and possibly heading low.
3- Right now we are looking for a range targets between 1720-30 but the actual range is between 1703-1730.
4- Right now we have bounced exactly off 0.786 retracement level around 1747, so I would be looking for a bearish H4 to go short on Monday possibly.
There we have two PAs in one picture that bolster my opinion about going short on gold. Best of luck and happy trading! But dont carried away, I am a human too and like any other human I am liable to mistakes therefore, take extra care of your capital while you follow my analysis.
Note: This analysis is invalid if we break the top at 1786.53!
Trade closed: target reached
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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.