Gold H1 - Saw a heavy gold selloff yesterday after rejecting that double top resistance. Caused a break of trendline and a support break too. A potential retest of resistance at 1953.00 could see us gear up for a possible second wave downside.
We can see that price has fallen out of this ascending TL and has officially made a lower low.
Looking to sell this pair if we get to an area of interest which is at the 50/61.8 fib levels as if we look left we can see these levels have held as structure previously and we will then be interacting with the 50EMA. Would need a confirmation candlestick before...
EURUSD H4 - We have broken downside of the channel, but yet to have set lower lows, just waiting to see this lower low confirmation, then a pullback to optimise entries. Eying up possible shorts from around 1.18 hopefully.
Gold H1 - Still in consolidation, looking to see how we respond to this consolidation resistance. Bearish flag forming, but of course waiting for price action confirmation from resistance, or a support break and retest.
Price has rejected a recent swing high - creating a double top.
Price action showing all signs for a short (sell). Loss of momentum, double top, reversal price action patterns etc!
Analysis is supported across multiple time frames.
Current trade set up - entry at 1.33074. Looking to add another position around this 1.32569 (Red line) just waiting for the US trading session to start off. Will TP from the first position around the green fib line and continue 2nd position