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


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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.