IDEA XAUUSD - EXPLANATION IN DESCRIPTION
XAUUSD
In the 20m period we have traced a Fibonacci retracement from the last touch in the ascending triangle pattern, to the last high.
It is important to note that the pullback of the breaking of the ascending triangular pattern has already formed.
We are also in the 50% fib retracement of the symmetric triangular pattern breakout.
Now a descending triangular pattern has been formed, in a 15m period the candlestick has closed outside the trendline, thus breaking the pattern, possibly going up.
In the 3h period, we can see the head-shoulder-head pattern, we have traced the neckline, which coincides with the Fibonacci retracement that we can see in the 4h timeframe.
Most likely, we will see a rise to 1895, and then the price will bounce down.
In the 4h period, we have traced a Fibonacci retracement from the last high (touch on the resistance of the channel), to the last low (coincides with the touch on the main trendline towards resistance).
The most possible is that the price reaches 1895, which would be the 50% Fibonacci retracement, and then it goes down to support (it coincides with the main trendline towards resistance)
When completing the 50% Fibonacci retracement, the pullback would be forming from the break of the main trendline that served as support.
I do not think the price follows the downward channel that can be appreciated and that we have seen these past days, from the touch on the support, the most possible is that the price rises.
In period e 1D, we can see a descending triangular pattern, according to our analysis, the price will touch the support, and then rise.
Important, this analysis will go very well for us on Monday, starting on Tuesday, taking into account all the fundamental aspects, we are going to make changes, and take a clearer, long-term direction.
At the moment I already have the possible movement that the price will make during the market opening, until Tuesday.
Operations that we may carry out:
-large (purchase) until 1895
-Shorts (sell) from 1895 to 1850.
In the 20m period we have traced a Fibonacci retracement from the last touch in the ascending triangle pattern, to the last high.
It is important to note that the pullback of the breaking of the ascending triangular pattern has already formed.
We are also in the 50% fib retracement of the symmetric triangular pattern breakout.
Now a descending triangular pattern has been formed, in a 15m period the candlestick has closed outside the trendline, thus breaking the pattern, possibly going up.
In the 3h period, we can see the head-shoulder-head pattern, we have traced the neckline, which coincides with the Fibonacci retracement that we can see in the 4h timeframe.
Most likely, we will see a rise to 1895, and then the price will bounce down.
In the 4h period, we have traced a Fibonacci retracement from the last high (touch on the resistance of the channel), to the last low (coincides with the touch on the main trendline towards resistance).
The most possible is that the price reaches 1895, which would be the 50% Fibonacci retracement, and then it goes down to support (it coincides with the main trendline towards resistance)
When completing the 50% Fibonacci retracement, the pullback would be forming from the break of the main trendline that served as support.
I do not think the price follows the downward channel that can be appreciated and that we have seen these past days, from the touch on the support, the most possible is that the price rises.
In period e 1D, we can see a descending triangular pattern, according to our analysis, the price will touch the support, and then rise.
Important, this analysis will go very well for us on Monday, starting on Tuesday, taking into account all the fundamental aspects, we are going to make changes, and take a clearer, long-term direction.
At the moment I already have the possible movement that the price will make during the market opening, until Tuesday.
Operations that we may carry out:
-large (purchase) until 1895
-Shorts (sell) from 1895 to 1850.