PrimeXBT

XAUUSD (ANOTHER TEST OF THE SUPPORT) 21-08-2019

Short
OANDA:XAUUSD   Gold Spot / U.S. Dollar
The diagonal support which is considered to be the up-sloping neckline.
On the 4hours time frame, the price of XAUUSD has been spotted forming a bearish chart pattern called the complex head and shoulders top.
A complex head-and-shoulders top is a chart pattern that looks like a head-and-shoulders but with multiple heads, multiple shoulders, or sometimes both. The break even failure rate is low and the performance is good from this chart pattern.
Price trend upward leading to the pattern.
The Shape looks more like a head-and-shoulders top with multiple shoulders or multiple heads, but rarely both.
The shoulders should peak near the same price, be nearly the same distance from the head, and look similar (both wide or both narrow peaks) compared to their mirror opposite.
The pattern confirms as valid when price closes below an up-sloping neckline or below the right armpit when the neckline slopes downward.
Price must have something to reverse, so if the rise leading to the pattern is small, expect a small decline. Wait for confirmation before placing a trade. Price needs to close below the upsloping neckline before considering to open a short trade.
Targets to look our for are as follows:$1487.073 down to $1461.326.
NOTE: ALWAYS WAIT FOR THE BREAKOUT
Risk Disclaimer:
Trading cryptocurrency on margin carries a high level of risk(volatile), and may not be suitable for all trades who are yet to understand how to use STOP LOSS. The high degree of leverage can work against you as well as for you.
It is your responsibility to confirm if you want to take this trade or not. Trade only with risk capital; that is, trade with money that, if lost, will not adversely impact your lifestyle and your ability to meet your financial obligations.
If you do not fully understand these risks you must seek independent advice from your financial advisor.

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