Roker1
Short

Gold is about to fall?

FX:XAUUSD   Gold Spot / U.S. Dollar
Hi guys,
i don't trade gold yet but i want to apply some of my structure analysis here for i think this could be interesting. As you can see price is now testing a resistance zone , that also lines up with the 618 retracement of the bigger daily leg.
On the bottom of the screen you can also see some divergence on the RSI . At the moment price is also showing some rejection in a form of an engulfing candle.
Risk to reward is very nice.
If you are conservative you can wait for additional confirmation, like a break of the trendline.

If you want to share your thoughts or ask questions, feel free to comment below.
Otherwise, see you in the next chart!
Comment: Trendline broken and good sign of reversal at the retest of the broken structure:
Trade closed: target reached: First target would have been hit:
Trade closed: target reached: Even the second position would have been hit!
Se sei d'accordo, lascia un mi piace! Grazie
Canale Italiano: https://www.youtube.com/c/MisterForexIT
Ultimo video: https://youtu.be/0rIFF-j4kdM

If you agree, like this chart! Thanks
My last (english) videoanalysis here: https://youtu.be/RUySg8LW6Iw

Comments

Absolutely beautiful mate top notch
+1 Reply
Roker1 naynay97
@naynay97, thanks pal!
Reply
Some very sound analysis my friend - Thanks for sharing
+1 Reply
Roker1 SaeedRehman
Hey @SaeedRehman, thanks for your comment!
Reply
Amazing - Thanks for the update
Reply
Roker1 SaeedRehman
@SaeedRehman, it's a pleasure!
Reply
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