Hey guys,
Based on the chart price is in a good situation for opening sell positions on XAUUSD. But let's go deeper on our reasons and see what's on the chart:
1. Price is in a downtrend (Bearish)
2. A correction have happened --> price reached to 0.618 Fibonacci and dropped (Bearish)
3. Bearish Engulfing Candlestick (Bearish)
4. Currently price is in an uptrend channel (Bullish)
5. Hidden divergence on RSI(14) (Bearish)
So based on our analysis the bearish movement is more possible than the bullish one. So it leads us to be seller which have more probability and makes good risk reward ratio.
One good trading scenario for this case is waiting for the price to reach to the top of the channel and opening sell positions regarding to considering risk management rules.
So it is our analysis about XAUUSD. But please let us know what do you think about it? Buy or Sell and why? Any idea would be welcome and valuable for us.
Good luck!
Based on the chart price is in a good situation for opening sell positions on XAUUSD. But let's go deeper on our reasons and see what's on the chart:
1. Price is in a downtrend (Bearish)
2. A correction have happened --> price reached to 0.618 Fibonacci and dropped (Bearish)
3. Bearish Engulfing Candlestick (Bearish)
4. Currently price is in an uptrend channel (Bullish)
5. Hidden divergence on RSI(14) (Bearish)
So based on our analysis the bearish movement is more possible than the bullish one. So it leads us to be seller which have more probability and makes good risk reward ratio.
One good trading scenario for this case is waiting for the price to reach to the top of the channel and opening sell positions regarding to considering risk management rules.
So it is our analysis about XAUUSD. But please let us know what do you think about it? Buy or Sell and why? Any idea would be welcome and valuable for us.
Good luck!