XAUUSD is approaching a good level to sell. After breaking through the H1 lower channel, the price is retracing back to where the lower channel was at. It is likely that once the price touches the lower channel, it will be rejected and a bearish movement will form towards 1790.
As such, the entry level will be where the rejection will occur at the lower channel, at a price of 1808.69.
Stop loss will be at a zone of strong resistance of 1818, where multiple rejections were seen at that zone of resistance.
Take profit is at 1790, where a level of support is seen. As usual, once profit hits >25% to 30% of our profit target, we will shift stop loss to entry and set a trailing stop loss.
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As such, the entry level will be where the rejection will occur at the lower channel, at a price of 1808.69.
Stop loss will be at a zone of strong resistance of 1818, where multiple rejections were seen at that zone of resistance.
Take profit is at 1790, where a level of support is seen. As usual, once profit hits >25% to 30% of our profit target, we will shift stop loss to entry and set a trailing stop loss.
If this analysis has helped you in making an informed trading decision, do give it a huge thumbs up! :)
Comment:
Bullish momentum is much stronger than I have anticipated. I will shift the entry to 1815.97 so that we enter only at the area of resistance for a safer entry.