XAUUSD intraday outlook
As I was saying last thursday price kept bearish momentum, but technically it starts to change on H1, H4 TF and it can be a maximum momentum parabolic feature on daily. As long as ADX is in strong value @ H1, we need to respect it on intraday but it is flat on H4 and low on daily so in longer few session price (if there will be no volume to test 267) can get in consolidation area (according to my fibo channels 270 can be lower border). Overall it looks like it should go to 267 and consolidate there but due to some low movement and flat technicals it can stay here for some time. One important thing is the bottom of 25 aug daily candle. Until price is under it I will not close my sells. On H1 it looks like already been tested as a resistance so I will look for another sale if price will get there one more time. Good Luck
Trade active
Ok. Ive closed 2/3 sells and now waiting for next move. Third sell is on SL with minimum profit. Time correction maded in EU session maded me think that technically we are bottomed for now. Last 2 times that intraday setup occured with high ADX and weakening momentum POG made retrace up...Good luckTrade closed: target reached
270 was hit at end of day and as I wrote we are in consolidation area of fibo channel 2 borders in lower Keltner channel and support(267)/resistance(275) area. If price will get thru that lower support (267) we should see 263(61%), but I will do some research of this area tomorrow before EU. Now some sleep.
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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.