XAUUSD Potential Forecast | 22nd November 2022
Hi everyone, today I will be talking about a possible XAUUSD short trade using Smart Money Concepts.
Trade idea
1. In the current bearish trend, price is moving efficiently.
2. Lower lows and lower highs are being formed.
3. Price has tapped into the supply zone above marked by the blue zone and is currently rejecting off this area.
I anticipate for price to continue its bearish momentum and leg as price is current retracing.
Things to look out for:
1. Do note that if price were to invalidate the current supply zone, it might continue heading up and our trade idea will then be invalidated.
Trade safe guys.
Regards,
Chern Yu
Trade idea
1. In the current bearish trend, price is moving efficiently.
2. Lower lows and lower highs are being formed.
3. Price has tapped into the supply zone above marked by the blue zone and is currently rejecting off this area.
I anticipate for price to continue its bearish momentum and leg as price is current retracing.
Things to look out for:
1. Do note that if price were to invalidate the current supply zone, it might continue heading up and our trade idea will then be invalidated.
Trade safe guys.
Regards,
Chern Yu
Comment:
Price successfully tapped into our supply zone and pushed lower! We continue to see bearish price action on GOLD but stay tuned for a possible reversal soon!