XAUUSD outlook week starting 1st of April 2019
Potential Head and shoulders pattern is forming on XAUUSD 4hr and also the daily.
There has been a significant run by the bears this week from $1320 after bouncing off the top of the bull channel that has formed since the start of May and breaking below 200EMA and the psychological level of $1300.
The bears, however, have failed to break the neckline, with profit taking at the end of the week at the neckline at $1290. causing a short end of the week bull run from the neckline to $1302, there was a quick rejection that this level and the cloud-piercing pattern has formed on the 4 hr charts.
I am bearish on gold and am waiting for a firm close below the neckline at around 1280-1285 to confirm the conviction of the market before placing further trades.
If the bears are able to break below the neckline, I will be looking for sell entry around 1290 with stop losses well above the neckline at $1300, and first profit taking at $1275 and possible further downside to $1245
If price rejects the trendline, I will be looking for a buy entry around $1290, a stop loss below the neckline at around $1285 with a retest of $1300 and $1325.
*Please be advised that these are my ideas and does not constitute trading advice.*
There has been a significant run by the bears this week from $1320 after bouncing off the top of the bull channel that has formed since the start of May and breaking below 200EMA and the psychological level of $1300.
The bears, however, have failed to break the neckline, with profit taking at the end of the week at the neckline at $1290. causing a short end of the week bull run from the neckline to $1302, there was a quick rejection that this level and the cloud-piercing pattern has formed on the 4 hr charts.
I am bearish on gold and am waiting for a firm close below the neckline at around 1280-1285 to confirm the conviction of the market before placing further trades.
If the bears are able to break below the neckline, I will be looking for sell entry around 1290 with stop losses well above the neckline at $1300, and first profit taking at $1275 and possible further downside to $1245
If price rejects the trendline, I will be looking for a buy entry around $1290, a stop loss below the neckline at around $1285 with a retest of $1300 and $1325.
*Please be advised that these are my ideas and does not constitute trading advice.*