Gold seems to be at the end of a 4hr correction which has been forming in the shape of a flat type pattern. If our analysis is correct,
XAUUSD
should break the minor uptrend to the downside and take the price to at least re test the daily trend line in the 1280 area, possibly further to retest previous low in the 1240 area, although not necessarily.
From this moment on therefore, we will be looking for sell setups, on this pair: watch out for ending diagonal formations and other price action patterns for an entry point on their break. For a more conservative approach, wait for a first impulse to the downside breaking the minor uptrend, wait for a small correction of said impulse on the 60min timeframe, and sell the break of said correction with a stop loss above it.
If you feel that our analyses and views may be a useful complement to your trading strategies and in order to be notified in real time with our updates on the lower timeframes, please remember to click on the Follow button.
Remember that you can double check the bigger structures that are at play are on the weekly and daily time frames also by scrolling around the charts in the lower 4hr and 60min timeframes (right and left, up and down).
Trade with care and only with a backtested strategy that has proven to work in relation to your invested capital, risk appetite and potential small losses you might incur in before profiting from a good trade.
Thank you for viewing.
XAUUSD
should break the minor uptrend to the downside and take the price to at least re test the daily trend line in the 1280 area, possibly further to retest previous low in the 1240 area, although not necessarily. From this moment on therefore, we will be looking for sell setups, on this pair: watch out for ending diagonal formations and other price action patterns for an entry point on their break. For a more conservative approach, wait for a first impulse to the downside breaking the minor uptrend, wait for a small correction of said impulse on the 60min timeframe, and sell the break of said correction with a stop loss above it.
If you feel that our analyses and views may be a useful complement to your trading strategies and in order to be notified in real time with our updates on the lower timeframes, please remember to click on the Follow button.
Remember that you can double check the bigger structures that are at play are on the weekly and daily time frames also by scrolling around the charts in the lower 4hr and 60min timeframes (right and left, up and down).
Trade with care and only with a backtested strategy that has proven to work in relation to your invested capital, risk appetite and potential small losses you might incur in before profiting from a good trade.
Thank you for viewing.