Looking at the XAUUSD 4 HR chart, yes we are now in an uptrend (major trend) since beginning of this year. If you place a Fib retracement indicator over price action from 1046.54 to latest highest price action this month, it appears to me that a major retracement or downtrend will be happening for rest of May & into June. Should go down to 50% level or around 1180.00, but related to strong GOLD uptrend, maybe stop above that point too.
It appears to be time for a reversal in uptrend for a few weeks, downtrend started & continuing for the last two weeks already & appears that the BEARS are running the GOLD show now. (Note) If you understand candlesticks, you will notice that the last two RED candlesticks gave you a lot of price action information & FUTURE price action facts too. The first weekly red candlestick was a spinning top or doji ( undecided candlestick) - saying, " I don't (price action) really know if I want to continue to go up, so I will PAUSE now for this week & figure it out soon." The second weekly red candlestick gave you directly this XAUUSD pairs decision of price action direction, which is DOWN. The next few or several weeks should be bearish & I would be trading Puts now. *How to find out if any price action will or should continue- it is by changing from candlesticks to Heikin Ashi ones (these are for trends generally only) to see if a price action has power of strength to continue in same direction. On noted XAUUSD weekly chart, last two weeks using HA candlesticks forms a spinning red top, but on candlestick charts they form two distinct ones, not one only.
Like, I mention sometime soon this XAUUSD pair (could be now) it will dip down or do a major reversal down, just be ready to continue to buy or do calls trades at that time. If you look at this time of year in past these months are downtrend price action times, do what happens in past should happen in future again. FYI. Stay in the profits!!!
It appears to be time for a reversal in uptrend for a few weeks, downtrend started & continuing for the last two weeks already & appears that the BEARS are running the GOLD show now. (Note) If you understand candlesticks, you will notice that the last two RED candlesticks gave you a lot of price action information & FUTURE price action facts too. The first weekly red candlestick was a spinning top or doji ( undecided candlestick) - saying, " I don't (price action) really know if I want to continue to go up, so I will PAUSE now for this week & figure it out soon." The second weekly red candlestick gave you directly this XAUUSD pairs decision of price action direction, which is DOWN. The next few or several weeks should be bearish & I would be trading Puts now. *How to find out if any price action will or should continue- it is by changing from candlesticks to Heikin Ashi ones (these are for trends generally only) to see if a price action has power of strength to continue in same direction. On noted XAUUSD weekly chart, last two weeks using HA candlesticks forms a spinning red top, but on candlestick charts they form two distinct ones, not one only.
Like, I mention sometime soon this XAUUSD pair (could be now) it will dip down or do a major reversal down, just be ready to continue to buy or do calls trades at that time. If you look at this time of year in past these months are downtrend price action times, do what happens in past should happen in future again. FYI. Stay in the profits!!!