BeyondEdge

XAUUSD - Daily Outlook - Buy & Sell Potential

OANDA:XAUUSD   Gold Spot / U.S. Dollar
Here's an idea of a potential buy set up before a resumption of the move downwards towards the low 1800s. A H&S is currently forming the right shoulder which should present a buy opportunity from around 1865 with a target to 1885.

If the shoulder forms as expected then a sell from 1885 with a target of 1815 could be a good sell opportunity. Being mindful that the right shoulder can overshoot on occasion and in this scenarios could likely move further up to the 1890 area.

I continue to hold the view that Gold is still meandering through a correctional sequence. A weekly close below 1880 last week also adds confluence from a price action perspective.

Let me know how it goes if you decide to execute the idea should the opportunity present itself.

Trade safe.
Beyond Edge



Disclaimer

This is not trading advice. All content/ information shared in this idea is purely educational in nature and is expected to be used for analysis and illustration purposes only.

Do not trade or speculate based solely on the information provided. Trust your own analysis.

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Comments

The right shoulder formed lower below and continued downwards. A further move down to the 1800 level is still expected. Will wait to see a smaller structure form at that level before looking for long entries.

1880 - a key longer term price action level will likely be visited again during this correctional structure.
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