Gold’s Bearish Divergence: Short Setup After Multiple Rejection
Hi Fellow Realistic Traders. Here's my latest price action analysis on Gold!
After hitting the multiple rejection area,
XAUUSD
formed an inverted hammer and swing high. The chart and stochastic also indicate a bearish divergence, confirming a bearish reversal scenario or downward movement. Historically, when observing the current price correction on Gold, it often goes back to the exponential moving area 34 or near the Fibonacci ratio area. Therefore, we expect Gold to move downward to our target area.
It is essential to note that the analysis will no longer hold validity once the target/resistance area is reached.
Disclaimer:
"Please note that this analysis is solely for educational purposes and should not be considered a recommendation to take a long or short position on
XAUUSD
."
Please support the channel by engaging with the content, using the rocket button, and sharing your opinions in the comments below!
After hitting the multiple rejection area,
XAUUSD
formed an inverted hammer and swing high. The chart and stochastic also indicate a bearish divergence, confirming a bearish reversal scenario or downward movement. Historically, when observing the current price correction on Gold, it often goes back to the exponential moving area 34 or near the Fibonacci ratio area. Therefore, we expect Gold to move downward to our target area. It is essential to note that the analysis will no longer hold validity once the target/resistance area is reached.
Disclaimer:
"Please note that this analysis is solely for educational purposes and should not be considered a recommendation to take a long or short position on
XAUUSD
." Please support the channel by engaging with the content, using the rocket button, and sharing your opinions in the comments below!
Trade closed: stop reached:
Only Reached 1986, sadly it has already broken out of the strong resistance, continuing its bullish momentum
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