Roker1

Gold is about to fall?

Short
FX:XAUUSD   Gold Spot / U.S. Dollar
Hi guys,
i don't trade gold yet but i want to apply some of my structure analysis here for i think this could be interesting. As you can see price is now testing a resistance zone , that also lines up with the 618 retracement of the bigger daily leg.
On the bottom of the screen you can also see some divergence on the RSI . At the moment price is also showing some rejection in a form of an engulfing candle.
Risk to reward is very nice.
If you are conservative you can wait for additional confirmation, like a break of the trendline.

If you want to share your thoughts or ask questions, feel free to comment below.
Otherwise, see you in the next chart!
Comment: Trendline broken and good sign of reversal at the retest of the broken structure:
Trade closed: target reached: First target would have been hit:
Trade closed: target reached: Even the second position would have been hit!

Se sei d'accordo, lascia un mi piace! Grazie
Canale Italiano: https://www.youtube.com/c/MisterForexIT
Ultimo video: https://youtu.be/0rIFF-j4kdM

If you agree, like this chart! Thanks
My last (english) videoanalysis here: https://youtu.be/RUySg8LW6Iw