XAUUSD: Waiting for a Short opportunity

OANDA:XAUUSD   Gold Spot / U.S. Dollar
Hello, everybody, and welcome to my TradingView’s profile, my name is Gianni and today I’m going to analyse the XAUUSD, translating the market information by using a full technical analysis on different time frames, giving you a personal opinion about the next most likely market movement and helping you to spot and manage market opportunities.
My ideas are for those who are interested in improving their financial education and for those who are looking for new trading opportunities, according with their own strategies.

Daily timeframe:

4 hours timeframe:

1 hour timeframe:

Overall, this market is still ranging since a while inside a symmetrical triangle pattern and it broke its resistance level just a few days ago, closing with a strong bullish candle just above it.

However, looking at the 4hrs chart, the price is still slowly moving inside a fair value area, with buyers still slightly in control of the intraday market.
The price is currently close to the price control and the next price action around that level could give us more clues about its next movement.

Few continuation patterns, are a sign that the price is still moving to the upside and some continuation is expected.

When, where and why would I step into the market?
Usually, I don’t like stepping inside the market from the price control, cause is an area where the price gravitate most of the time and so many fluctuations happen around that level.
Also in the scenario of trend continuation, breaking the pattern to the upside, I’m not sure that the current market opportunity would offer to me a great RRR of 1:2, at least.
At the moment I will stay out for any trade position, waiting instead for a new rejection from the top line of the value!

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Trade safe and responsibly,

Please note the views are not investment advice and should be used only for educational purpose

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