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forexwithfred

XAU/USD - Bearish Pennant Breakout

Short
Gold Spot / U.S. Dollar (OANDA:XAUUSD)  
forexwithfred  
OANDA:XAUUSD   Gold Spot / U.S. Dollar
Trend Analysis Chart Patterns Technical Indicators XAUUSD xauusdshort xauusdidea Gold breakout DXY USD retest
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trendanalysis chartpattern indicator xauusd xauusdshort xauusdidea gold breakout dxy usd retest
Trade Suggestion:
  • Price could possibly continue its downtrend after breaking out of its bearish pennant.

  • There could be short-term targets of 1675-1670 where local demand is set on the H4 Timeframe.

  • DXY Us Dollar index is showing USD strength which also indicates another confluence to Gold's weakness.


    Technical Analysis:
  • Price has broken out of of pennant and support structure. Support structure has also been retested.

  • Price is also below 10 + 50EMA and there has been a bearish cross which I've annotated.
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