Although xauusd is negative in monthly and weekly time frame, in daily time frame i see a Head and Shoulders formation possible.
The reasons listed below are what make me say gold will grow at least to 1807-1814:
1- D1 bull Engulfing Candlestick Pattern.
2- breakout of H4 down trendline.
3- H4 MacD Divergence
4- 1807 is the top of the left shoulder
I expect a pullback to 1771 (the 1st support level) the next 2 days before rising in a number of days to the TP proposed.
So i will order a buy limit at 1771 with a Sl below 1758 (the last Mn and W1 lows) plus H4 1 ATR points.
Please search hot to use ATR indicator for SL.
Feel free to comment with your own view ❤️
The reasons listed below are what make me say gold will grow at least to 1807-1814:
1- D1 bull Engulfing Candlestick Pattern.
2- breakout of H4 down trendline.
3- H4 MacD Divergence
4- 1807 is the top of the left shoulder
I expect a pullback to 1771 (the 1st support level) the next 2 days before rising in a number of days to the TP proposed.
So i will order a buy limit at 1771 with a Sl below 1758 (the last Mn and W1 lows) plus H4 1 ATR points.
Please search hot to use ATR indicator for SL.
Feel free to comment with your own view ❤️
