Looking to short XAUUSD for roughly 60 pips to previous support and ascending trend line then looking to go long.
Gold has just reached a major Resistance level and showing signs for a 4h double top.
trying to catch every swing in the market
I don't expect a major change to the overall bullish trend rather I expect a correction to occur today.
Im trading a rising wedge which leads to the 38.2% of the recent high/low on 4H. On the 1H chart, there seems to be a head and shoulders forming in a rising channel which is solid indication that a reversal can take place. Yet on the daily I dont see anything...
Here we have a XAUUSD Sell setup for 155 pips. We have Gold respecting 1550.60 multiple times and its looking like it will break below. The next zone would be 1538.68
Gold currently loosley following a fractal from 2010...
At the current time it suggest a dip down to confirm the breakout from the bowl formed over the end of 2019
So short for some of February, then Long in say March onwards for next MAJOR leg up!
Currently (28/01/20) Targeting the W dip as per the white line and my previous published idea
It just keeps coming back for more ;p
We are looking for bearish movement this coming week and for the 3rd touch of our trend line with more bearish moves following the touch.
Now we have highlighted where we might get this 3 rd touch and this comes by the way of strong support which if price does touch our trend line in this zone then it will smash through this...
Looking at gold we can see a possible pullback into the marked zones after the breakout of the uptrend as seen. Watch closely early on in the week to see how it all unfolds.
If we create a pullback we could see a Head and Shoulders formation which could indicate a possible trade.