XAUUSD Analysis for the week of April 4.
W1: Last week's candle was a slightly bullish Doji candle, closing above last week's closing price, above MA20, below MA50 in Kumo clouds=> There is a possibility of a recovery to 1820/1830 and 1850 (Fib 61.8% down from 1916)
D1: The closing candle of the week fell sharply, forming a combination of bearish candles at the 61.8% Fib of the previous strong bearish week candle -> Sells are getting stronger; The price is already in the Kumo cloud and closes above the MA20 and 100 days => the possibility of a decrease at the beginning of the week and an increase in the weekend
H4: Breaking the range from 1820 -1834 (head and shoulders pattern) with relatively strong momentum (volume up) when approaching the Fibo convergence zone (1831-1835), the price is now just above MA50, below MA20, 200.
Prioritize Sell at the beginning of the week and buy at the end of the week if the price creates a reversal pattern ( Green or Black line). Another alternative: Price fell from 1830 zone to 1800 and deeper (Red line)
1. Sell 1821 -1825; SL 1827 to 1805/ 1895
2. Sell around 1835/1840 to 1825/1810
3. Sell swing around 1855
4. Buy scalp around 1802-1805/ 1895/1882 if reversal is confirmed
Note: The purpose is to learn, not to recommend trading
D1: The closing candle of the week fell sharply, forming a combination of bearish candles at the 61.8% Fib of the previous strong bearish week candle -> Sells are getting stronger; The price is already in the Kumo cloud and closes above the MA20 and 100 days => the possibility of a decrease at the beginning of the week and an increase in the weekend
H4: Breaking the range from 1820 -1834 (head and shoulders pattern) with relatively strong momentum (volume up) when approaching the Fibo convergence zone (1831-1835), the price is now just above MA50, below MA20, 200.
Prioritize Sell at the beginning of the week and buy at the end of the week if the price creates a reversal pattern ( Green or Black line). Another alternative: Price fell from 1830 zone to 1800 and deeper (Red line)
1. Sell 1821 -1825; SL 1827 to 1805/ 1895
2. Sell around 1835/1840 to 1825/1810
3. Sell swing around 1855
4. Buy scalp around 1802-1805/ 1895/1882 if reversal is confirmed
Note: The purpose is to learn, not to recommend trading
Comment:
Yesterday, Gold fell from 1817 to 1795 and rebounded sharply to 1815, confirming the strong buying force at 1759. The weekly trading plan is still valid.
Comment:
Gold fell from resistance level 1825 to 1795 and rebounded but not really strong after testing this price area many times. I prefer to sell if Gold recovers to the 1813-1815 zone, with the target at 1796 and 1883 under option 3 (red line)