XAUUSD; H4; READ MY WEEKLY PLAN BELOW!
Price made a third retest on a resistance area, creating a triple top that got confirmed since Friday morning.
Price broke a trend line and got rejected at a key support zone.
If we stick to the triple top pattern, we should see a breakout of the support area with extensions toward the pivot point.
Should price break this point, it could look to fall to yearly lows near $1160s
Possible outcome on the opening:
1. An extended pull back towards EMA14 or EMA50
2. Rejection on such area that matches a resistance and a key 50% of the current range
3. Breakout of the support area to start looking for pivot point
I will be looking for short entries between $1200 and $1202
TP1: 1192.50
TP2: 1188.75
TP3: 1185.00
Objective for the next 2 weeks: $1160 - $1165.00
Good luck!
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Price made a third retest on a resistance area, creating a triple top that got confirmed since Friday morning.
Price broke a trend line and got rejected at a key support zone.
If we stick to the triple top pattern, we should see a breakout of the support area with extensions toward the pivot point.
Should price break this point, it could look to fall to yearly lows near $1160s
Possible outcome on the opening:
1. An extended pull back towards EMA14 or EMA50
2. Rejection on such area that matches a resistance and a key 50% of the current range
3. Breakout of the support area to start looking for pivot point
I will be looking for short entries between $1200 and $1202
TP1: 1192.50
TP2: 1188.75
TP3: 1185.00
Objective for the next 2 weeks: $1160 - $1165.00
Good luck!
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