Bear May Need To Rest

FX:XAUUSD   Gold / U.S. Dollar
250 1 5
If we agree with the Symmetrical BO level at $ 1280, then it is likely the bear takes a rest, because based on measurement the level of $ 1,247 is the level of failure to reach the target of Symmetrical formation or to continue to decline.

I see that with the advent of Flying Doji candle or DIP in the Daily Time Frame under the wedge , that interpret the possibility of decline price to stop. Need a reversal formation at least at the current 1H Time Frame (when I wrote this analysis) tend to form inverse H & S.

If this is true, it is necessary to test the level of $ 1,280 to make a confirmation of whether the price will go down again or its a bullish sign from Falling Knife formation. Above $1,280 there are a estimation of pullback level @ $1,310.

In my perspective, the LONG position is between $1,250 - $1,253 with SL @ $1240

Note :
1. Please make the correction of Average To Goes Upward @ $1,360 to be @ $1,260 and Average To Goes Downward @ $1,276 to be @ $1,392
2. The Falling Knife formation basically is reversal formation but some time it can be continuation, therefore watch @ $1,260 level

I Apologize for the error that occurred

From The Desk Of A Newbie
Correction :
Average To Goes Upward @ $1,260 (not @ $1,360 level) and Average To Goes Downward @ $1,392 (not @ $1,276 level)
apologize for the error that occurred

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