First thing first, I've been waiting on this set up for a while. As traders, it's crucial to adapt to price whether you want something to happen or what not. But when you get the indications that the move may happen it's always good to act on it. Let's analyze XAUUSD
Last week XAUUSD weekly candle was a shooting start which was an indication of the Bearish tendency. But all week XAUUSD was trending up the upside so I stayed on my hands waiting for the perfect opportunity.
1350 is a major resistance and price have been trying to break it from months but it's been failing to do so.
We've had so many bearish candles on the daily and price have react but not as strong as it should.
With the current bearish engulfing and the wicks at the top! and H4 structure broken. This could be in for XAUUSD to head to the downside. Also the DXY have turned bullish. That's decent confluence. but we'll wait for more.
So far it seems like we're heading to the 1320's then by next month I wouldn't be surprised if we break 1300.
I will continue to update this.
Last week XAUUSD weekly candle was a shooting start which was an indication of the Bearish tendency. But all week XAUUSD was trending up the upside so I stayed on my hands waiting for the perfect opportunity.
1350 is a major resistance and price have been trying to break it from months but it's been failing to do so.
We've had so many bearish candles on the daily and price have react but not as strong as it should.
With the current bearish engulfing and the wicks at the top! and H4 structure broken. This could be in for XAUUSD to head to the downside. Also the DXY have turned bullish. That's decent confluence. but we'll wait for more.
So far it seems like we're heading to the 1320's then by next month I wouldn't be surprised if we break 1300.
I will continue to update this.
Note
Christmas Came Early!Trade closed: target reached
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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.