Gold continues bearish momentum by breaking previous Support @ 1622 after a very long sideways market. If the price retrace back to the breakout point, we can try to find short entry with minimal risk.
Price in compression and have rejected few times in resistance 1633 (potential fakeout). Entry area at red zone since we have strong supply zone (Drop Base Drop) as well as Significant Support & Resistance. In addition, QML setup and Bearish Engulfing setup can be found in H4 Timeframe. Let's see the price action for this setup and keep tight the placement of stop loss.
Awesome weeks ahead if everything falls into place, Gold is a great commodity to trade, although it is risky it is a fast and easily learning step. You do not have to trade with it but the benefits of education on trading is easy to understand with this Pair.
Basic understanding of resistance and support. Might i add, trading is not always drawing...
Just to add XAUEUR and XAUUSD and almost any XAU___ is the same *ALMOST* not 100% but patterns are definitely worth watching altogether and can potential help things from a different perspective each time.
Take a look at my previous ideas and it will show how similar these charts are. Thank you x
Have a great day and the following....
Price Action for both XAUUSD & XAUEUR hasn't shown any interest in creating a retracement to test the previous support levels turned resistance. Bulls are currently defending the last levels of support for the two. Breach of these zones will open up further losses. In the CFTC report, XAUUSD has had close to 20k long positions closed. This implies that hedge funds...