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
To learn how to trade pure price action, please feel...
REVIEW OF GOLD:
MACD already told us the downward momentum is gone.
RSI is Overbought
All these telling me Gold is facing Daily Resistance.
I will look into a small time frame to find.
Any bearish pattern: Double Top, Pin Bar, Bearish Engulfing and short.
Trade with care and use good money management.
If you don't understand the setup please ignore the trade....
*Trend bias = up
* Good support @ 1280
* Bullish engulfing pattern completed and we have the wicks indicative of new lows being rejected
Going long @ market price 1285.53 with
Stop loss below the lows @ 1275.84 and provisionally targeting the 1296-1300 level
Don't bet the farm and always exercise good risk management.
XAUUSD is struggling for upside and pushing slowly for upside. Soon it will break down and will break down hard once it will break down then keep selling the XAUUSD all the way back to the bottom.
I'm looking for price to return to a short term support level around 1220.78
1. A buy signal would need to print like a hammer or bullish engulfing pattern in order for the setup to be valid
2. No congestion (if there is it means the bulls are battling and the support may fail
Note the support levels drawn with dotted lines.
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