Xauusdlong
XAU/USD (gold) currency pair Long I believe that the XAU/USD (gold) currency pair is currently in a bullish trend on a 15-minute timeframe and is expected to reach a new high. Additionally, you anticipate that a head and shoulders pattern will form on a 1-hour timeframe.
A head and shoulders pattern is a technical analysis chart pattern that often indicates a reversal in trend. It consists of three peaks, with the middle peak (the head) being the highest, and the other two peaks (the shoulders) being slightly lower and roughly equal in height. The pattern is complete when a neckline (a line drawn through the lows of the two troughs that form the shoulders) is broken.
If the pattern you anticipate forms, it would suggest that the XAU/USD pair has reached a high point and may experience a trend reversal. However, it is important to note that technical analysis is not a guaranteed method for predicting market movements and should be used in conjunction with other forms of analysis and risk management strategies.
XAUUSD 12.03 UPTREND CONTINUATION Reason For XAUUSD Bullish
1. Technically Formed Double Bottom Formed
2. Doji Candle Confirm the further Uptrend Movements
3. Breaked Out 1830 & 1845 and Further Movement towards 1880 and Higher
Overall Possible Outcomes
XAUUUSD BUY @ 1850
SL 1820
TP1 1880
TP2 1920
TP2 1960
XAUUSDA falling wedge is a chart pattern that is used in technical analysis to indicate a potential reversal in the direction of an asset’s price. It is characterized by a narrowing of price action as the asset moves lower over a given period of time. If the price breaks out of the wedge in an upward direction, it can be seen as a bullish signal and a potential long position may be taken.
XAUUSD Setup for Next Week If you get any reversal pattern, you can sell XAUUSD NEar 1942-44 and one can buy near 1918-20 if they get any reversal pattern in 5 min chart like Hammer folowed by engulfing candle.
If it breaks the 1915 level on closing basis, then we may see 1890-1865 level very soon. I am expecting that after touching the price of 1944, it will touch 1890-1865 level for a bigger upmove.
Mind Numbing Consolidation PhaseMy overall view is still Bullish on gold Xau , but until that CPI report confirms softer inflation gold is going to hover into this downward consolidation which the institutions gonna pick up liquidity from as well as retail traders , we did stupendous profit this week next week we'll arrive with more precise ideas and profits happy weekend everyone!