XAUUSD 4hour Analysis June 7th, 2020
Gold Long idea
Overall higher time frames are very bearish but we have seen a smaller bearish trend form pushing price action back down toward our monthly support around 1675.00
From this level we want to see a strong bounce which breaks minor resistance levels and starts forming higher lows. (The blue arrow) We will remain bullish and look to target 1800.00
The orange arrow represents the trade path that begins a daily bearish transition. Look to enter on lower highs and target next significant support levels.
Overall higher time frames are very bearish but we have seen a smaller bearish trend form pushing price action back down toward our monthly support around 1675.00
From this level we want to see a strong bounce which breaks minor resistance levels and starts forming higher lows. (The blue arrow) We will remain bullish and look to target 1800.00
The orange arrow represents the trade path that begins a daily bearish transition. Look to enter on lower highs and target next significant support levels.
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