tradafx

Forming a Sideway Zone with XAUUSD

Long
OANDA:XAUUSD   Gold Spot / U.S. Dollar
H1 time frame.
Structure: uptrend.
Price after forming a consolidation pattern, and a head and shoulders pattern, there is no confirmation to continue upward, but to decrease.
However, after the price down to the support level of 1810, the price continued to increase with weak momentum.
There is a high probability that the price will form a new consolidation pattern which is a rectangle pattern with resistance at 1820 and support at 1810.
With a bullish structure, wait for the price to break the resistance of 1820 and retest and confirm the uptrend in this zone before moving up again.
Profit target is zone 1834.
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