HMM bottom of the channel provides a low risk opportunity to long. A break lower is 1204. I am expecting a big rise in price into next week. (or a big down move) bias is long. Either way a big move is money to be made.
can drop 3-4 range below channel watch there for buys
Price broke down towards 1204 not quite touching it. Right now minor and major trend is bearish. I am expecting a small bounce towards 1220. We can look for direction there.
Nice idea on XAUUSD and there may be bullish bias as you have identified. For our set up, we have identified the key resistance and support levels for the short term. The support we have identified is at 1220. It is a horizontal overlap support with 100% Fibonacci extension, 61.8% Fibonacci retracement. Stochastic is approaching its support at 5% where a corresponding bounce could occur. If a bounce does occur, we may want to look at the 1226 resistance level. It is a horizontal overlap resistance with 38.2% Fibonacci retracement. Looking forward to seeing how things develop.
Please have a look at our idea and share with us what you think.