XAUUSD closing in on support at 1903.263
So both the 4 hr and 1hr timeframe can be seen with this bouncing pattern that decreases overall. A slight pullback occured last week but as the market opened, we have continued the recent downtrend.
I currently have trades running with a TP 1903.500 but will be looking for entry again once this support has been broken. Im expecting price to be taken all the way to 1884.45.
Reasons to take this trade (4hr):
- Negative and downwards facing momentum
- Stochastic is below 50, %D above %K, downwards facing and oversold
- Price is below the EMA100
What I will be looking for (4hr)
- Break of floor at 1903.500
- The above conditions to continue
- Rejection of said support. XAUUSD shows large rejections when pulling back. The gradient flattens as direction changes.
I currently have trades running with a TP 1903.500 but will be looking for entry again once this support has been broken. Im expecting price to be taken all the way to 1884.45.
Reasons to take this trade (4hr):
- Negative and downwards facing momentum
- Stochastic is below 50, %D above %K, downwards facing and oversold
- Price is below the EMA100
What I will be looking for (4hr)
- Break of floor at 1903.500
- The above conditions to continue
- Rejection of said support. XAUUSD shows large rejections when pulling back. The gradient flattens as direction changes.
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