As seen on the H1 (1 hour) chart, gold has a strong resistance level at 1721.34 which it is at the moment currently retesting. So await price confirmation before placing a trade.
Chart analysis for both short and long term trades:
When looking at the H4 (4 hours) chart there is a bullish (falling) wedge -marked with blue trend lines and arrows - that is found within a D1 (1day) bearish (rising) wedge which is the one - marked with black trend lines and arrows -.
Conclusion :
*Short term* - This suggests that we can expect gold to rise during the day (bullish intraday trade) TP - 1765.18 and
*Long term* - it to fall once it reaches the resistance level of the bearish (rising) wedge during the course of the week taking profit at the first resistance level 1679 as marked, then waiting for a breakout, retest and price confirmation to re-enter trade and go for take profit 2,3 & 4
Please be advised that, this is my own analysis and I stand to be corrected.
Trade smart, Trade safe.
Chart analysis for both short and long term trades:
When looking at the H4 (4 hours) chart there is a bullish (falling) wedge -marked with blue trend lines and arrows - that is found within a D1 (1day) bearish (rising) wedge which is the one - marked with black trend lines and arrows -.
Conclusion :
*Short term* - This suggests that we can expect gold to rise during the day (bullish intraday trade) TP - 1765.18 and
*Long term* - it to fall once it reaches the resistance level of the bearish (rising) wedge during the course of the week taking profit at the first resistance level 1679 as marked, then waiting for a breakout, retest and price confirmation to re-enter trade and go for take profit 2,3 & 4
Please be advised that, this is my own analysis and I stand to be corrected.
Trade smart, Trade safe.
Comment:
XAUUSD has just made a break at 1724.27 and so we can observe a retest, price confirmation then go for a buy and leave the trade running over the weekend, with small lot sizes. Trade smart.
Comment:
XAUUSD is currently at a strong resistance level at 1721.34 and I expect it to fall and retest the support level of the H4 (4 hours) bullish (falling) wedge and bounce back up to the resistance level of the D1 (1day) bearish (rising) wedge and TP at 1750.00, however it may go higher than that level, hence I have a long term sell limit trade set at 1754. 00 with TP 1 at current resistance level 1734.69, then will go for TP 2,3,4 & 5.
Trade smart 🔅
Trade smart 🔅
Comment:
Gold on the H3 (3 hours) chart, buyers are are gaining great momentum, the bulls are definitely still looking to kill the bears...
If you like this idea and would like more XAUUSD analysis, give this idea a thumbs up, and drop your thoughts in the comment section. Or for forex trade pair analysis, feel free to message me. Let's get that bag 💰 safe.
If you like this idea and would like more XAUUSD analysis, give this idea a thumbs up, and drop your thoughts in the comment section. Or for forex trade pair analysis, feel free to message me. Let's get that bag 💰 safe.
Comment:
Closed scalp buying entry as gold now falls going to retest the resistance trendline of the H4 (4 hours) bullish (falling) wedge. Wait for price confirmation after retest, and buy!
Trade smart 🔅
Trade smart 🔅