XAUUSD: Potential counter trend setup
Looking at the higher timeframe on Weekly, we are seeing price forming a potential double bottom divergence. Also at a lower timeframe - H4, we do have a divergence as well.
But looking at the price action, there is still no clear sign that price is ready for turn. If you are more conservative, it would be best to wait for at least a price action confirmation (pin bar or bullish engulfing) to enter a counter trend long.
But looking at the price action, there is still no clear sign that price is ready for turn. If you are more conservative, it would be best to wait for at least a price action confirmation (pin bar or bullish engulfing) to enter a counter trend long.
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