On a larger spectrum, I am convinced that Gold is indecisive about a clear direction. For now, xauusd is consolidating between two big trendlines. I am not saying that it is not tradable on a smaller frame (Honestly I do too). But the major direction still awaits breakout confirmation. For the reference, we must break one of the two (red and green) trendlines to proceed to further targets.
For each trendline, the consecutive next bottoms/tops and fibonacci levels dictate the price levels we should expect coming. The borders of upper and lower purple boxes also dictate the breakout targets.
However, I side with bears at the moments considering the following two technical parameters:
1- RSI has is demonstrating a bearish divergence
2- MACD histogram also going death cross
But for full confirmation I would recommend waiting for one of the trendlines to break!
Best of luck, Happy trading and happier profits :-)
For each trendline, the consecutive next bottoms/tops and fibonacci levels dictate the price levels we should expect coming. The borders of upper and lower purple boxes also dictate the breakout targets.
However, I side with bears at the moments considering the following two technical parameters:
1- RSI has is demonstrating a bearish divergence
2- MACD histogram also going death cross
But for full confirmation I would recommend waiting for one of the trendlines to break!
Best of luck, Happy trading and happier profits :-)
Comment:
For now, we got ourselves a bearish harami on daily and weekly timeframe
Comment:
The lower red trendline is broken, waiting for a rejection from retest to sell
