1767 breakout is the way in for Bears
Let us analyze XAUUSD in the perspective of supports and resistances today. Currently, we are being resisted at a major resistance zone between 1795-1806. If we break higher than here, we might see it targeting the range of 1843-83. To see a proper approval of the higher levels this current resistance zone must break. However, let us now analyze a counter possibility about where we might be heading if the resistance zone is to retain:
1- 1767 is by far the most important price to expect a bearish rally retracement, if we managed to break it without compromising the resistance zone of 1795-1806, we will be having a double tops scenario with targets projecting towards the region 1735-44.
2- 1735-44 is also a local supply range, which needs to break to expect lower target zones between 1703-1716.
3- Going lower than 1703-16 our next target zone is 1665-81
4- If 1665 is compromised, there is no way we cannot expect ground zero at 1614-1625
5- Right now, we are looking at a neutral picture, waiting for what side breaks i.e. 1767 or 1806
That is all for today folks! Happy trading and happier profits :-)
1- 1767 is by far the most important price to expect a bearish rally retracement, if we managed to break it without compromising the resistance zone of 1795-1806, we will be having a double tops scenario with targets projecting towards the region 1735-44.
2- 1735-44 is also a local supply range, which needs to break to expect lower target zones between 1703-1716.
3- Going lower than 1703-16 our next target zone is 1665-81
4- If 1665 is compromised, there is no way we cannot expect ground zero at 1614-1625
5- Right now, we are looking at a neutral picture, waiting for what side breaks i.e. 1767 or 1806
That is all for today folks! Happy trading and happier profits :-)
Nota
Gold daily timeframe printed a bearish engulfing + Falling three Methods pattern yesterday, which is a good omen for bears. Best of Luck! :-)
Trade ativo
first demand zone hit, looking for breakout from 1767 to add more entries
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Aviso legal
As informações e publicações não devem ser e não constituem conselhos ou recomendações financeiras, de investimento, de negociação ou de qualquer outro tipo, fornecidas ou endossadas pela TradingView. Leia mais em Termos de uso.