Ill be looking for SELLS on GOLD but I'm expecting a retest of the 50% level before we see the bearish movement, If we break it will wait for a retest for another analysis ( Feel free to leave a comment )
XAUUSD bounced off 1494.40 where it could potentially rise further to 1528.39.
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We are currently trading the 4th leg of the Gartley pattern that is forming on the 1 hr chart. We are predicting the Harmonic pattern will be completed on the condition that the blue resistance zone is not broken. OANDA:XAUUSD
Gold has just entered today the 1,355 - 1,365 1M Resistance Zone with 1D highly overbought (RSI = 77.219) due to June's aggressive bullish run. The price is undoubtedly inflated due to the recent geopolitical tensions (U.S. - Iran) and the correlation with DXY has been broken. As soon as tensions ease, those dynamics will normalize and Gold should start moving...
# Price is currently trading in a down channel
# Channel resistance was met as well as the resistance level and pivot at 1286.50
# The previous candle printed a doji that pinned the 21MA (sell signal)
# Targeting support at 1270
Entered short @ market price 1283.05
# SL @ 1290.14
# TP @ 1270 provisionally
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