XAUUSD - Gold - Short - Wait for Development
On a HTF we have noticed a double tops which touched an all time high and signalled the beginning of a reversal of the price.
On a LTF instead we can see an ascending channel which may signal a correction of the current uptrend.
In terms of Resistance and Support, the price is situated above a channel delimitated by 2 important monthly support/res. If the price keeps dropping will mostly bounce on a 1906 support (1st target) with potential move to 1800.
Now we are waiting for the price to drop and to follow this downtrend. We will also need a confirmation/correction before entering a short position.
If instead the price breaks this formation on the upward and carries on rallying up then this forecast will be invalid and we'll wait for a reversal at the top of the structure.
Be patient and wait.
On a LTF instead we can see an ascending channel which may signal a correction of the current uptrend.
In terms of Resistance and Support, the price is situated above a channel delimitated by 2 important monthly support/res. If the price keeps dropping will mostly bounce on a 1906 support (1st target) with potential move to 1800.
Now we are waiting for the price to drop and to follow this downtrend. We will also need a confirmation/correction before entering a short position.
If instead the price breaks this formation on the upward and carries on rallying up then this forecast will be invalid and we'll wait for a reversal at the top of the structure.
Be patient and wait.
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