XAUUSD set to drop after teasing the 1729 Fibonacci 38.2% level
Multi Timeframe Analysis
My trading philosophy: We don’t short at the lowest of the bearish momentum nor do we long at the peak of a bullish impulse. The safest entries are at the end of a retrace in the direction of the D1 master trend.
Recommendation:
XAUUSD commenced an impulsive retracement to the upside after impulsive moves to the the downside. As we see, the daily candles had been getting exhausted. Retracement at D1 to structural resistance of the 38.2% (1729) Fibonacci has consummated and the pair is about to drop.
Entry rule: 4H chart should confirm that the bullish retrace had turned the bearish with MACD below zero and the price goes above the 10 and 20 EMA. For good measure, check that the 4h and D1 RSI is below the 50 signal line.
Potential profit target at 1639.34 or the -27.2% Fibo
Trade short with confidence. COT reports confirm the direction
My trading philosophy: We don’t short at the lowest of the bearish momentum nor do we long at the peak of a bullish impulse. The safest entries are at the end of a retrace in the direction of the D1 master trend.
Recommendation:
XAUUSD commenced an impulsive retracement to the upside after impulsive moves to the the downside. As we see, the daily candles had been getting exhausted. Retracement at D1 to structural resistance of the 38.2% (1729) Fibonacci has consummated and the pair is about to drop.
Entry rule: 4H chart should confirm that the bullish retrace had turned the bearish with MACD below zero and the price goes above the 10 and 20 EMA. For good measure, check that the 4h and D1 RSI is below the 50 signal line.
Potential profit target at 1639.34 or the -27.2% Fibo
Trade short with confidence. COT reports confirm the direction