H1 time frame. Structure: after breaking the uptrend, XAUUSD made a strong downward move from 1834 to 1783 but there was no confirming the downtrend on the 1-hour time frame. Now that the price has fallen near the support level of 1775, it is likely that when the price reaches this support level, there will be an upward move to form new highs and lows confirming the trend. With the possibility of this upward move retracement possibly towards the 1810 price level. Can wait for the opportunity to buy to the 1810 zone or wait for the signal after the up move to confirm the downtrend will continue selling with XAUUSD. ----------------------------------------------------------------------------------------------- Wish you all have a good trading day!
due to the delta variant of covid and the destruction caused by the ida, gold should go higher as well the employment rate is lower
tradafx
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@lindamarshal3860, Overall, a long term bullish structure is still possible on the weekly time frame. But currently, the information from technical analysis shows that below the daily time frame there is still a bearish structure.
UnknownUnicorn23499361
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Interesting analysis! Thanks for sharing with us 👍