XAUUSD Bearish Outlook

I am watching GOLD after the recent breakdown of a triangle pattern. Price has come back to test the triangle and we are waiting patiently for a signal to go back short. The 1H time frame is almost done filling a fair value gap and it lines up with the bottom of the triangle. Gold can prove to be tricky to pin an entry so i would like confirmation before taking it short.

Follow this idea for updates and when an entry is taken!

Comment:

We see that the bottom of the triangle is rejecting price action. I want to see a lower high placed before an entry is taken but this setup is starting to materialize.

Trade active:

if we dont clear 2020 here then i would say its safe to enter a short postion Here. Stop at maybe 2020

Trade active:

Looks like we got a rejection candle on the daily and our strat is printing sell signals on the 1hr. My stop will be 2030 and looking to target 1960 area.

Trade active:

Moved my stop a little to give this room to work.

Comment:

We are forming a rising wedge after breaking down the triangle. big watch here.

Trade closed: stop reached:

broke topside.