Just sharing some of my setups. The main one is the one with all the confirmations. The other setups didn't need as much analysis because the trend was very bullish. The first setup needed a ton of confirmation because of how powerful the sellers were previously, had to make sure it wasn't a fake-out or was going to continue on downwards after a short retest...
= Head and shoulders pattern
= break an uptrend
= If the uptrend breaks (blue), it targets the neckline
= If the neckline is broken, target
= Sell fails if it exceeds 1774 and turns buy
= My personal opinion is falling
After hits the full target, now we wait to complete the small retest then there would be a sell opportunity again to 1800.
Then we can wait to break down below 1800 to reach 1787,after that it will be a great to think of Strong buy.
Coming weeks is very important to Gold. Before Christmas vaccine matter will be prevail and the risk of both short/buy go high.
XAU/USD tries to bypass 1,323.00 again
Contrary to expectations, the exchange rate failed to sneak below the combined support formed by the lower trend-line of a junior ascending channel and the 200-hour SMA. In other words, bulls made one more, though unsuccessful, attempt to push the bullion through the upper boundary of a four-month long dominant descending...