XAU/USD-2-Hour overview
Hello everybody, I want to share this with you!
-On the 2-hour chart, we can see strong bullish movement and we can see that the price reached a resistance area forming a double top pattern(better visible on 4-hour time frame).
-We can expect two situations,...-the first one is that the price might continue pushing in a bullish direction and the second situation is that the price might reverse its movement into bearish.
-We can see that the price is leaving long upper wick and that is a sign that the price is rejecting in the resistance area.
-The stochastic indicator shows us that the price is overbought so we might expect some bearish movement.
-On a daily base, USD is very weak so that keeps pushing gold in bullish direction and if USD gains more power then we can expect trend revers in a bearish direction.
-WHAT DO YOU THINK ABOUT THIS SETUP?
Please let me know in the comment section!
THANKS FOR READING!
-If you have some different opinions please let me know and if you like this please hit that like button and give me support, I will appreciate every support.
-Remember this analysis is not 100% accurate. No single analysis is. To make a decision follow your own thoughts. The information given is not a Financial
advice.
-On the 2-hour chart, we can see strong bullish movement and we can see that the price reached a resistance area forming a double top pattern(better visible on 4-hour time frame).
-We can expect two situations,...-the first one is that the price might continue pushing in a bullish direction and the second situation is that the price might reverse its movement into bearish.
-We can see that the price is leaving long upper wick and that is a sign that the price is rejecting in the resistance area.
-The stochastic indicator shows us that the price is overbought so we might expect some bearish movement.
-On a daily base, USD is very weak so that keeps pushing gold in bullish direction and if USD gains more power then we can expect trend revers in a bearish direction.
-WHAT DO YOU THINK ABOUT THIS SETUP?
Please let me know in the comment section!
THANKS FOR READING!
-If you have some different opinions please let me know and if you like this please hit that like button and give me support, I will appreciate every support.
-Remember this analysis is not 100% accurate. No single analysis is. To make a decision follow your own thoughts. The information given is not a Financial
advice.
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.
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.