After having left the consolidation, we expect a pullback in either of the two areas marked in red and go on sale. Take into account the structure of the pair. Manage account It would be essential to form a bearish flag and rebound at 61.8 of the Fibonacci.
Nice idea on XAUUSD and there may be bearish potential as you have identified. I have identified a resistance level at 1189.7, which the price may test before potentially seeing a reversal for the short opportunity. It is the lower limit of the current H4 range of my analysis and is slightly higher than your point 4, which you are expecting a pullback before the potential reversal. Looking forward to seeing how things develop.
Please have a look at my idea and share with me what you think.
TonyHC
⋅
@ICmarkets, hank you very much, we reached 38% of the FBN was deep the recoil, I hope in fall.
Please have a look at my idea and share with me what you think.