XAUUSD 30MHello dear friends
With the conditions in the market, we predict two scenarios for the market, of course, keep in mind that the economic news that will be published at 5 o'clock is important and will have an impact on the market. Be careful with your transactions.
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Xauusdforex
XAUUSD Short re entryim waiting for gold to come back up once this hourly candle closes and the new candle should test 1643.975 - 1644.494 as a re entry for my sell then we will have to break 1633.508 and itll be used as a resistance and tp will be in the green zone between 1617.516 - 1606.260
We arent done falling
XAUUSD LongUnfortunately, last analysis hit our stop loss.
The price touched the upper trendline, formed a bull trap and I was stopped out. The price continued with the bearish momentum, filling in the imbalance formed by this commodity around 28th September.
Currently, the price has been forming a bearish flag/ channel (lower time frames) of which I anticipate that the price might be building a bullish momentum. If the price breaks out of the highlighted zone (around 1640) and retests it, I will have my entry @ 1645. If not, then I will wait for the price to form a suitable bearish entry.
My target will be @ 1645, Tp1 @ 1660, Tp2 @ 1675 and Tp3 @ 1690. The Sl is @ 1630.
My R: R is 1: 4.
Remember, risk only 1-2 % of your account.
XAUUSD ShortTime Frame: 4H
Symbol: XAUUSD
Entry: 1729.702
TP: 1700.869
SL: 1752.641
Bias: Short
For gold our priority is for availing a selling opportunity. The current price level is not yet strong enough to jump upward with enough momentum to drive the level to a profit area and therefore our bias remains bearish.