XAUUSD Consolidation ( Ascending triangle on higher TF)
Previously I had been bearish on GOLD but the Double top on H4 didn't pan out as I thought it would but It's time to adjust and re-evaluate the market.
Let's Analyze the big picture.
Monthly
Gold has a inverted head and shoulders on the monthly (I will post a picture below)
It also has a bullish structure.
The 1350 Level is a major resistance and price hasn't been able to push through it.
Weekly
The last weekly candle was a Shooting Star
- For this to be relevant, I would like to see price break below 1322! I would gladly be open to sell trade on these level and would look to take profits under 1300.
As long as price stays above 1322, I will be very careful on any sell trades on the higher time frames. one could probably seek couple high probably sell trades on the Lower H1 and M15
Daily
Very interesting, price is forming a descending triangle, with an established support at 1320 level.
Let's talk possible destinations
There's a 61.8 ABCD Trade to the upside that could take gold to 1370
I will be looking this Wednesday to see what price is going to do with FOMC
And I will continue to update this!
Let's Analyze the big picture.
Monthly
Gold has a inverted head and shoulders on the monthly (I will post a picture below)
It also has a bullish structure.
The 1350 Level is a major resistance and price hasn't been able to push through it.
Weekly
The last weekly candle was a Shooting Star
- For this to be relevant, I would like to see price break below 1322! I would gladly be open to sell trade on these level and would look to take profits under 1300.
As long as price stays above 1322, I will be very careful on any sell trades on the higher time frames. one could probably seek couple high probably sell trades on the Lower H1 and M15
Daily
Very interesting, price is forming a descending triangle, with an established support at 1320 level.
Let's talk possible destinations
There's a 61.8 ABCD Trade to the upside that could take gold to 1370
I will be looking this Wednesday to see what price is going to do with FOMC
And I will continue to update this!
Comment:
If the move is to the upside; then we could be looking at this scenario
Comment:
Gold showing any signs of failure around the key resistance would be very interesting to look for Break of structure to open a SELL prosition
Comment:
That Bearish Engulfing engulfing