OANDA:XAUUSD   Gold Spot / U.S. Dollar
Overall Trend on Daily TF shows an uptrend so I’m looking for a buy opportunity. Scaling down the tf charts, I spotted a true retracement on the 4hr tf but no break and retest. Continuing down to the 1hr tf, i spotted a head and shoulders formation that played out previously, in which market consolidated forming a falling wedge. Price rejected hard off my key level (1912.127) then broke out of my falling wedge (resistance level). If price retests and makes resistance my new support, I’m going to enter at 1939.744. Stop loss at 1902.817. Take profit 1 at 1979.357 and take profit 2 at 2000.171
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.