tradafx

Wait for a clear signal to trade with XAUUSD

OANDA:XAUUSD   Or / Dollar Américain
H1 time frame.
Structure: The price has formed a new high confirming the uptrend.
After forming a new peak, the price is showing signs of retesting at the 1765 price area. Here, waiting for the bullish candlestick pattern to appear, you can enter a buy trade with XAUUSD.
The profit target is the 1785 zone.
However, with a bearish structure on a large time frame, the risk of this trade is quite high when there exists a double top with divergence signal. There is no confirmation yet, so a fake breakout could still appear here.
Therefore, capital should be properly managed in this case. The key level is also clearly visible at the 1748 zone.
In the case of a false breakout, a down move to the 1720 zone is possible.
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Wish you all have a good trading day!



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