Hi guys,
Gold, XAU USD is currently at a possible area where we may find strong resistance and selling opportunity.
The pink box just above price is that zone. This zone is the 2.0 retracement of the massive base that gold created between 2011 and 2020. This zone is also significant retraces of all the high to lows on the daily from a few months ago.
Price has been travelling in the bearish channel , and is now again at the very top of this channel.
RSI is in overbought and clear divergence on the daily timeframe.
All in all solid confluence to suggest sell setups may appear around this area.
Lower timeframe entries using BOS CHOCH, trendline breaks ,chart patterns etc could lead to nice risk/ reward trades.
Safe Trading all.
Gold, XAU USD is currently at a possible area where we may find strong resistance and selling opportunity.
The pink box just above price is that zone. This zone is the 2.0 retracement of the massive base that gold created between 2011 and 2020. This zone is also significant retraces of all the high to lows on the daily from a few months ago.
Price has been travelling in the bearish channel , and is now again at the very top of this channel.
RSI is in overbought and clear divergence on the daily timeframe.
All in all solid confluence to suggest sell setups may appear around this area.
Lower timeframe entries using BOS CHOCH, trendline breaks ,chart patterns etc could lead to nice risk/ reward trades.
Safe Trading all.
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Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.