Analysis
-XAUUSD looking bearish after showing signs of reversal. Buyers pushed price up into resistance but sellers repeatedly pushed price down before the daily candle closes.
-The price action resulted in a pinbar setup at resistance which is a bearish sign.
-On the 1H time frame, price looking to break the trendline to the downside.
-There is also bearish MACD divergence on the 1H time frame following a head and shoulders pattern which further eludes to price possibly moving lower in the coming days.
-The reward/risk is good for an entry on the break of the trendline (given the distance between daily S/R levels)
*Trade safe and at your own discretion!*
-XAUUSD looking bearish after showing signs of reversal. Buyers pushed price up into resistance but sellers repeatedly pushed price down before the daily candle closes.
-The price action resulted in a pinbar setup at resistance which is a bearish sign.
-On the 1H time frame, price looking to break the trendline to the downside.
-There is also bearish MACD divergence on the 1H time frame following a head and shoulders pattern which further eludes to price possibly moving lower in the coming days.
-The reward/risk is good for an entry on the break of the trendline (given the distance between daily S/R levels)
*Trade safe and at your own discretion!*