XAUUSD 1HR Analysis + Trade Idea
It doesnt look like the bulls are giving up just yet, with the inability to push lower or higher gold has been range bound for the last few days whilst respecting the 25% QT support zone and the dynamic ascending support which creates a 4HR bearish flag showing signs of a trend reversal to the upside.
Primarily we need to be patient and wait for the correct confirmations to show us bullish signs before looking at possible long entries to avoid being caught out on any possible market structure break.
Ideally if breaks the key resistance of 2330 and corrects with a lower high whilst seeing the 25% quarter support rise to match the lower high and a divergence crossover in certain EMA timeframes we could enter a long off the rejection of the risen quarter level.
Primarily we need to be patient and wait for the correct confirmations to show us bullish signs before looking at possible long entries to avoid being caught out on any possible market structure break.
Ideally if breaks the key resistance of 2330 and corrects with a lower high whilst seeing the 25% quarter support rise to match the lower high and a divergence crossover in certain EMA timeframes we could enter a long off the rejection of the risen quarter level.
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