SharkbaitAl
Short

Gold Has Completed AB=CD Pattern (w/ Warning Signs!)

FX:XAUUSD   Gold Spot / U.S. Dollar
There appeared to be a great rejection of this level on the 1H chart but the next hour it was bought back up which I am viewing as a warning sign there might be some more upside. I am personally going to let price action confirm a rejection of this level again before entering but this appears to be a valid AB=CD set-up and even has RSI near overbought as an additional confluence.

The risk:reward is great though -- the target in the chart would be a rough short term target with bigger downside targets once the ascending channel is broken.


This is not meant to be a trading signal so please do not use it as one -- I still have very much to learn as a trader and none of my ideas are trading advice. That said I always appreciate any comments and feedback on my charts and ideas!
Comment:
Trade closed: target reached
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