XAUUSD 4hour Analysis October 3rd, 2021
Gold Bearish idea
Weekly Trend: Bearish
Daily Trend: Bearish
4Hour Trend: Bearish
Trade scenario 1: Gold is looking bearish on most timeframes but we can see that price action is attempting to push above 1760.00 and turn the 4hour trend bullish.
Ideally we want to trade in line with the overall bearish trend so we will look for lower highs below 1740.00 before entering short.
Trade scenario 2: It’s likely price action will test resistance near 1800.00 again but as long as we remain below this level we are generally bearish.
For us to change our bias completely we would need to see a clear push above 1800.00
Weekly Trend: Bearish
Daily Trend: Bearish
4Hour Trend: Bearish
Trade scenario 1: Gold is looking bearish on most timeframes but we can see that price action is attempting to push above 1760.00 and turn the 4hour trend bullish.
Ideally we want to trade in line with the overall bearish trend so we will look for lower highs below 1740.00 before entering short.
Trade scenario 2: It’s likely price action will test resistance near 1800.00 again but as long as we remain below this level we are generally bearish.
For us to change our bias completely we would need to see a clear push above 1800.00
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