XAUUSD (GOLD) needs exhaustion
#XAUUSD (GOLD):
*(1D):
Gold has seen very hard drops recently, reaching the point of bias switch to bearish. However, after the descending triangle break we could see a retest. So nothing is excluded.
For these reasons, i'm looking for bearish opportunities only.
*(4H):
Looking closer, structure is confirming the bias, with a clear series of Lower Highs and Lower Lows. Again, bearish confirmation.
*(1H):
Last consolidation above 1800 monthly support (now resistance) led to a massive drop on the breakout. After such a move it is physiological to expect a retrament. This what we are waiting for indeed.
A continuation pattern to the downside.
*(1D):
Gold has seen very hard drops recently, reaching the point of bias switch to bearish. However, after the descending triangle break we could see a retest. So nothing is excluded.
For these reasons, i'm looking for bearish opportunities only.
*(4H):
Looking closer, structure is confirming the bias, with a clear series of Lower Highs and Lower Lows. Again, bearish confirmation.
*(1H):
Last consolidation above 1800 monthly support (now resistance) led to a massive drop on the breakout. After such a move it is physiological to expect a retrament. This what we are waiting for indeed.
A continuation pattern to the downside.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.