XAU/USD SIGNAL (SHORT-TERM BUY)

TOPDOWN ANALYSIS: Shows Monthly downtrend = strong bearish signal, and shows a December uptrend = short-term bullish signal

ACTION PLAN: 1.) Wait for price to show its true course - with long momentum candles (because holidays can cause consolidation/ pauses in the market) = before making a decision


MAGIC IF: 1.)If market trends upward with large momentum candles, wait for a pullback to monthly bearish trendline and wait for market to show strong wick rejections before entering a buy
2.)if price turns bearish - wait for the consolidation at the December trendline (which is another bullish opportunity - if there are enough wick rejections)

Reasons/ Confluences:
.Market is creating recent HH & HL (which shows price wanting to break previous resistance levels)
.RSI Indicator not yet above the 80 (showing bullish Divergence)
.Fundamental news showing bullish - as we get closer to containing the pandemic (vaccines e.t.c)

TIPS:
.wait for momentum candles toward our direction, then a pullback (with rejection wicks)- before taking an entry
.Never enter a trade hastily (there will always be more opportunities)


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