Trying out new strategies and patterns taught to me by a good friend and trader. Here we have a Bearish M supported by a mid term trendline (Orange) forming in the 4H chart, which may possibly lead to an upward movement in price.
Confluences:
- A doji forming at the lowest 4H S/R Zone, turning into an inflection point (as reflected by my modified Fractal...
As expected, Gold continued to climb after rebounding off the Demand Zone. Price tested the upper 4H SR Zone (coincides with upper boundary of Bull Pennant) and broke out with decent volume supporting the climb. As of the time of writing (0200 Singapore Time), a small Doji has gapped up on the 4H chart with low volume.
Given that the Demand Zone has been tested...
As expected, Gold rebounded from the Supply Zone. Bulls pushed the price with huge volume and allowed Gold to break through a 4H SR Zone, hitting the upper 4H SR Zone (78.6% Fibonacci Retracement) and forming a lower high. This breaks the symmetrical triangle pattern I theorized in my earlier updates as a lower low was also formed. However, it is in line with...
XAUUSD broke the 4 hourly support level, and also broke out of the Bull Pennant forming on the daily chart. Potential formation of a Double Top. Currently testing a relatively strong daily SD zone. Bearish Marubozu formed with strong volume, forming a Bullish Harami with the next candle near the top of daily SD zone. SD zone is in line with Fibonacci retracement...
