❗Xauusd/ Gold Analysis
Gold is still trending in the major Daily bearish momentum.
According to Technical analysis and Market structure, gold made a lower high after failing to break above previous structure high
After retesting the 50% retracement of the previous daily LH level Gold is now forming a Head&Shoulders indicating that there is a strong possibility of price breaking below the neckline to continue it’s overall bearish momentum
Major Trend – Bearish (creating higher lows and lower lowers)
Price Action Pattern – Head & Shoulders
Ema’s – Retested 20, 50 & 200 after breaking below
Once price break below the H&S neckline it will surely get to 1750 and then to 1700
My bias is bearish due to all technical factors shown in this document. I would only be looking to take short positions in current market conditions. For the week ahead that will be my bias for Xauusd / Gold I will only than scale into lower timeframes for possible entries
Gold is still trending in the major Daily bearish momentum.
According to Technical analysis and Market structure, gold made a lower high after failing to break above previous structure high
After retesting the 50% retracement of the previous daily LH level Gold is now forming a Head&Shoulders indicating that there is a strong possibility of price breaking below the neckline to continue it’s overall bearish momentum
Major Trend – Bearish (creating higher lows and lower lowers)
Price Action Pattern – Head & Shoulders
Ema’s – Retested 20, 50 & 200 after breaking below
Once price break below the H&S neckline it will surely get to 1750 and then to 1700
My bias is bearish due to all technical factors shown in this document. I would only be looking to take short positions in current market conditions. For the week ahead that will be my bias for Xauusd / Gold I will only than scale into lower timeframes for possible entries