XAUUSD just broke bullish market structure. It failed to break Higher high and created a double top which will be confirmed as it breaks below 1705.
Will be entering short as it breaks below 1705 and confirms it on hourly chart TP 1 will be 0.5 Fib which is 1672.05 and TP 2- 1658.42. will go for TP 3 1617 if it breaks below golden pocket of 0.618.
My SL will be...
Fresh week Fresh projection of xauusd as for now its local support is 1744 if broken then next downward level will be 1735-1733 and if any news hits then the next level will be 1720-1716
I am putting buy limit at 1720
In reverse scenario, you can check my previous chart for long projection...
This is my own calculation and I am not forcing you all to follow my...
As we can see XAUUSD was in an short term uptrend and now it broke its previous HL . Now after the price goes back to it's resistance area and forms a bearish candlisticks , then we can enter for a short trade .
As per previous chart history, XAUUSD can be move upward or downward as per the local support, major support. Do your own research before entering any trade (short or long)
Buy Stop @1752
Sell Stop @1767
Local Support @1745 - 1740
Buy Limit @1720
For Long after reversal from the Major Support Line @1696.973
GOLD SEEMS VULNERABLE TRADING BELLOW NEAREST RESISTANCE
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Now we are trading at daily zone and 4H high has been swept price is in bullish trend and price is in control of supply now.
When we see a bearish CHoCH we can look to play shorts and CT trades as well.
My view is that we need to break internal low in order to price move downwards, as it will take more time.
Meanwhile we can play counter trend trades .
GOLD SELL 1629.30
Reason For Short SELL
1. RSI below 50 and tends to be bearish in 1H trend
2. Stochastic Indicates sell due to asset overbiught and cross below 80 and confirm sell
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WEEKLY CHART VIEW
TARGET IS 1570
Note : Trading in any financial market is very risky. I post ideas for educational purpose only. It is not financial advice. Do not hold us responsible for any potential loss you may incur. Please consult your financial adviser before trading.