Looking at the weekly timeframe, XAUUSD has been playing around the major rejection zone (overhead supply) for a few days now.
From here, we have an opportunity for a SHORT at the top of zone from the D completion of the bearish butterfly pattern and at the top border of the ascending triangle. A tight stop in case price breaks the supply zone. TP is at minor support or let it run until 1300-1230 levels.
A long opportunity on a minor support in confluence with a bullish Gartley pattern.
Caveat!
Comment
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Price breaks the 2018 overhead supply and approaches 2013 overhead supply at 1400 -1430 levels.
Short trade stopped out. Long trade setup is now invalidated.