Description
⋅ XAU last week had a trend up followed by a double top on July 19 and 20.
On the @h chart the trend down seems to have included a drop through the basis
band of the Bollinger Bands as well as a crossunder the anchored mean VWAP
and then further downtrend until price was outside the lower BB. The current
candlestick pattern is that of a morning star reersal patter ( sometimes called
a 3 bar play). The Chrs Moody MACD indicator shows a line cross under what was a
red negative histogram that has flipped to a tiny green bar. In this context, I
believe XAUUSD is setting up to rebound I will long trade it on forex and analyze equities
for an entry as well. On XAUUSD I am targeting 1975 in the area of one standard
deviation above the mean VWAP but would be very happy to see price reach for
the upper BB at 1985.