akhostov
Long

XAUUSD: Potential quick profits on trendline support bounce

FX:XAUUSD   Gold / U.S. Dollar
91 0 2
Gold/Dollar has had a nice Bearish run lately (after a wonderful Bearish Cypher pattern had completed). The pair has been making new structure low after new structure low again and again. I have identified an opportunity to make some quick pips before the possible continued down trend.

The pair is currently in a consolidation. A little breather before a possible downtrend or possible uptrend if we do see a reversal. So far, the pair has touched a trendline resistance three times now in its consolidation and currently is at trendline support with Stochastic showing an oversold condition. This may be a great time to make some quick pips on a potential bounce of trendline support.

The targets I have set are based on the 0.382 and 0.618 which both matches structure. We could possibly see a retest of the structure at Target 1, for which the pair may then follow the larger Bearish pair. Another scenario is a continuation to the 0.618 level that could also possibly test the trendline resistance.

For a break of that resistance, we could then see a trend reversal for which the Bulls may lead.

Trade wisely, Trade Responsibly.

Comments/Suggestions are always welcomed.
United States
United Kingdom
India
Deutschland
España
France
Italia
Polska
Brasil
Россия
Türkiye
Indonesia
Malaysia
日本
한국
简体
繁體
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing Priority Support Ideas Published Followers Following Private Messages Chat Sign Out